28 Jul 2010 14:39

Fitch rates Tinkoff Credit Systems' ruble bonds 'B-'

MOSCOW. July 28 (Interfax) - Fitch Ratings assigned Tinkoff Credit Systems (TCS Bank) on Wednesday a Long-term local currency Issuer Default Rating (IDR) of 'B-' and a National Long-term Rating of 'BB-(rus)', both with Stable Outlooks.

The agency said in a statement said: "Simultaneously, Fitch has assigned the bank's RUB1.4bn senior unsecured three-year bonds a Long-term rating of 'B-', a National Long-term rating of 'BB-(rus)' and a Recovery Rating of 'RR4'.

"TCS Bank's other ratings are Long-term foreign currency IDR 'B-'/Stable Outlook, Short-term IDR 'B', Individual 'D/E', Support '5' and Support Rating Floor 'No Floor'.

"TCS Bank's obligations under the notes rank equally with the claims of other senior unsecured creditors, save the claims of retail depositors, which under Russian law rank above those of other senior unsecured creditors. Retail deposits accounted for 27% of TCS Bank's total liabilities at end-H110, according to local GAAP accounts."