16 Nov 2009 18:17

Fitch rates Rosbank

MOSCOW. Nov 16 (Interfax) - Fitch Ratings has assigned Rosbank's RUB5bn four-year 12% A3 series notes and RUB5bn five-year 12% A5 series notes final Long-term local currency ratings of 'BBB+' and final National Long-term ratings of 'AAA(rus)', the agency said in a press release.

Both A3 and A5 series notes were issued under Rosbank's RUB30bn bond programme and have put options exercisable on 16 May 2011.

Rosbank is rated Long-term foreign currency Issuer Default (IDR) 'BBB+' with Negative Outlook, Short-term IDR 'F2', Long-term local currency IDR 'BBB+', also with Negative Outlook, Individual 'D', Support '2' and National Long-term 'AAA(rus)' with Stable Outlook.

Rosbank is one of top 10 banks in Russia with a strong retail focus. The bank operates in 70 regions in Russia through its vast network of about 700 outlets. The bank is 64.7%-owned by France's Societe Generale (rated 'A+'/Stable).

In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual ratings and the prospect of external support is reflected in Fitch's Support ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs.

The bank was Russia's tenth largest by assets, according to the Interfax-100 ranking at the end of the third quarter of 2009.