Fitch gives Edel notes BB

Fitch Ratings said it assigned Edel Capital SA's upcoming issue of $250 million loan participation notes due 2015 an expected rating of BB.

The agency said it has not, however, assigned ratings to the issuer itself or to any affiliated entities.

The notes are to be guaranteed both by OJSC Svyazinvestneftekhim (Sinek) and the Republic of Tatarstan (BB/stable/B), and while two third-party legal opinions have been provided, Fitch has not sought to judge the enforceability of the guarantees, the agency said.

Instead, Fitch said it has drawn comfort from the Tatarstan government's decision to amend the Republic's budget so as to include the obligations under the guarantees.

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