Fitch rates Sovcombank notes BB+

Fitch Ratings said it assigned Sovcombank’s upcoming issue of Russian ruble-denominated senior unsecured eurobonds an expected long-term BB+rating.

The bank’s existing Irish special purpose vehicle SovCom Capital DAC will sell the bonds and lend the proceeds to the bank. Sovcombank plans to use the proceeds for financing its portfolio of installment cards.

The issue size and interest rate are yet to be determined, but the tenor is expected to be three years, the agency said.

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