TEXT-Fitch assigns Russian Standard Bank's bond final 'B-' rating
Oct 4 - Fitch Ratings has assigned Russian Standard Finance S.A.'s USD350m 10.75% five and a half year subordinated issue of limited recourse loan participation notes, due 10 April 2018, a final 'B-' rating and Recovery Rating of 'RR6'.
The proceeds from the issue are to be on-lent to JSC Russian Standard Bank (RSB), which has a Long-term Issuer Default Rating (IDR) of 'B+' with a Stable Outlook, a Short-term IDR of 'B', a Viability Rating of 'b+' and a Support Rating of '5'. RSB is the sole borrower under the subordinated loan agreement.
As at end-2011 RSB was the 27th-largest bank in Russia by assets and according to management's estimates held a 17.2% market share in credit cards and 11.7% in POS loans. Roustam Tariko indirectly owns 99.9% of RSB's shares.
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Contact: Primary Analyst Anton Naberoukhin Associate Director +7 495 956 9981 Fitch Ratings CIS Limited 26 Valovaya Street, Moscow 115054 Secondary Analyst Alexander Danilov Senior Director +7 495 956 2408 Committee Chairperson James Watson Managing Director +7 495 956 6657
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The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, and 'Rating Bank Regulatory Capital and Similar Securities', dated 15 December 2011, are available at
. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria Rating Bank Regulatory Capital and Similar Securities