6 Apr 2010 18:59

Fitch rates Nomos

LONDON/MOSCOW. April 6 (Interfax) - Fitch Ratings has today assigned Nomos Capital Plc's upcoming issue of subordinated loan participation notes an expected Long-term rating of 'B-' with a Recovery Rating of 'RR6', the ratings agency said in a press release. Fitch has simultaneously placed the notes on Rating Watch Positive (RWP).

The notes are expected to have a maturity of over five years and the size of the issue is likely to be in line with the outstanding $260 million subordinated loan to Nomos bank (Nomos, rated 'B+'/RWP) from the bank's shareholders, the press release says. The final rating of the notes is contingent upon the receipt of final documentation conforming to information already received.

The RWP on the notes reflects the RWP on Nomos' Long-term IDR and the notes' rating may be upgraded by more than one notch should the bank's Long-term IDR be upgraded.

Nomos Capital Plc, an Ireland-domiciled special-purpose vehicle, will use the proceeds from the note issuance to finance a subordinated loan to Nomos bank and will only pay noteholders principal and interest received from the bank.

At end-2009, Nomos ranked 14th by assets among Russian banks with a 1% market share. Six local businessmen control 50.1% of the bank, whilst the rest is owned by the beneficiary of the Czech PPF group and a Slovakian investor.