Fitch rates Russian Agricultural Bank bonds AA+(rus)

Fitch Ratings said it assigned Russian Agricultural Bank's upcoming RUB7 billion five-year bond issue an AA+(rus) national long-term rating. The bank's BBB- long-term debt rating, F3 short-term debt rating, D/E individual rating, 2 support rating and AA+(rus) national long-term ratings were affirmed.

The outlook is stable.

Fitch noted that under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At the end of the first half of 2005, retail deposits accounted for 16% of the bank's total liabilities.

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