(The following statement was released by the rating agency)
MOSCOW, June 03 (Fitch) Fitch Ratings has assigned Rusfinance
upcoming RUB4bn BO-08 senior unsecured bonds an expected
currency rating of 'BBB+(EXP)' and an expected National
Long-term rating of
The assignment of the final ratings is contingent on the receipt
documents conforming to information already reviewed.
KEY RATING DRIVERS
The bonds are rated in line with RFB's Long-term local currency
Rating (IDR) and National Long-term rating.
The bank's ratings are driven by potential support from its
France's Societe Generale (SG, A/Negative; 99.4% stake in
(BBB+/Negative), a 100% parent of RFB) and is constrained by the
Ceiling of 'BBB+'. In Fitch's view, SG would have a strong
propensity to support
the bank, given its controlling stake and strategic commitment
to the Russian
market; the bank's still small size relative to the SG group,
burden of any support required; and significant
contagion/reputational risks for
SG from RFB's potential default.
Changes to RFB's Long-term local currency IDR and National
would impact the issue's respective ratings.
The bank's Long-term IDRs could be downgraded if Russia's
Country Ceiling (BBB+)
Downward pressure on the IDR and National Long-term rating could
also arise if
there is a multi-notch downgrade of SG or a marked reduction in
importance of the Russian market for SG. The latter is currently
not expected by
RFB's issuer ratings are as follows:
Long-term foreign and local currency IDRs of 'BBB+', Negative
National Long-term Rating of 'AAA(rus)', Stable Outlook
Short-term foreign currency IDR of 'F2'
Viability Rating of 'bb+'
Support Rating of '2'
+7 495 956 5576
Fitch Ratings CIS Limited
26 Valovaya Street
+7 495 956 2409
+7 495 956 6657
Media Relations: Julia Belskaya von Tell, Moscow, Tel: +7 495
956 9908, Email:
firstname.lastname@example.org; Hannah Huntly, London,
Tel: +44 20 3530
1153, Email: email@example.com.
Additional information is available at www.fitchratings.com.
Applicable criteria, "Global Financial Institutions Rating
Criteria", dated 31
January 2014, are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
here. IN ADDITION,
ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS,
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE
AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE
FROM THE 'CODE OF
CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES.
DETAILS OF THIS
SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH