Fitch rates Eurasia Capital notes B-

Fitch Ratings said it assigned Eurasia Capital SA’s upcoming issue of dollar-denominated perpetual additional tier 1 notes an expected long-term rating of B-.

These notes are to be used solely for financing a dollar-denominated loan to Home Credit & Finance Bank LLC.

The agency said the rating reflects the notes' higher loss severity in light of their deep subordination and additional non-performance risk relative to the viability rating given a high write-down trigger and fully discretionary coupons.

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