"Fitch Ratings today assigned RSHB Capital S.A.'s new USD1.5 billion limited recourse program of loan participation notes an expected Long-term rating of 'BBB' (for senior notes with maturities in excess of one year) and Short-term 'F3' (for senior notes with maturities of less than one year)," the agency said.
Fitch also assigned an expected long-term BBB rating to the upcoming issue, set to be the first under the program. Final ratings for the program and the first issue will be assigned after final documentation is received.
The program is to be used "solely for financing loans to Russian Agricultural Bank ("RAB"), which has been recently upgraded" and is currently rated "Issuer Default ('IDR') 'BBB'/Stable, Short-term 'F3', Individual 'D/E', Support '2', and National Long-term 'AAA(rus)'/Stable," the agency said
Issues under the program are rated separately but are expected to have generally the same terms, the company said.
Rosselkhozbank was founded in 2000. It is 100%-owned by the Federal Property Agency and is one of Russia's 30 biggest banks.
