(The following statement was released by the rating agency)
Jan 29 - Fitch Ratings has assigned Sberbank of Russia's RUB25bn Eurobond
issue a Long-term rating of 'BBB'. The notes were issued by Luxembourg-based SPV
SB Capital S.A., a fully-owned subsidiary of Sberbank.
The notes are due in January 2016 and have a fixed 7% coupon rate. Sberbank's
obligations under loan agreement with SPV 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-2012, retail deposits accounted for 55.7% of
Sberbank's total liabilities, according to the bank's Russian Accounting
Standards financial accounts.
Sberbank has a Long-term Issuer Default Rating (IDRs) of 'BBB', a Short-term
IDRs of 'F3', a Viability Rating of bbb', a Support Rating of '2', a Support
Rating Floor of 'BBB' and a National Rating of 'AAA(rus)'.
Sberbank is Russia's largest bank by assets and equity, and the state currently
owns 50%+ 1 share of the bank.
(Caryn Trokie, New York Ratings Unit)