(The following statement was released by the rating agency)
Nov 09 - Fitch Ratings has assigned SB SECURITIES S.A.'s USD3bn European Commercial Paper
programme a Short-term rating of 'F3'. The notes issued under the programme will be
unconditionally guaranteed by Sberbank of Russia.
Fitch notes that the ratings are assigned to the programme and not to the notes
issued under the programme. There is no assurance that notes issued under the
programme will be assigned a rating, or that the rating assigned to a specific
issue under the programme will be the same as the rating assigned to the
Sberbank's obligations under the notes will rank equally with the claims of
other senior unsecured creditors, except the claims of retail depositors. Under
Russian law, the claims of retail depositors rank above those of other senior
unsecured creditors. At end-September 2012, retail deposits accounted for 57% of
Sberbank's total liabilities, according to the bank's accounts prepared under
Russian Accounting Standards.
Sberbank has a Long-term foreign and local currency Issuer Default Rating (IDR)
of 'BBB' with a Stable Outlook, Short-term foreign currency IDR of 'F3',
Viability Rating of 'bbb', and Support Rating of '2'. These ratings are not
affected by this rating action.
Sberbank is the largest bank in Central and Eastern Europe. The state currently
owns 52.3% of its shares and the rest is publicly traded.