Fitch rates Expobank bonds B

Fitch Ratings said it assigned a long-term local-currency rating of B to Expobank LLC's series 3 senior unsecured bonds, along with a national long-term rating of BBB-(rus) and recovery rating of RR4.

The bonds mature in July 2016, are putable in July 2014 and have an 11½ annual coupon payable quarterly, Fitch said.

The bank's obligations under the bonds rank equally with the claims on existing senior unsecured liabilities, the agency said.

The bank has long-term foreign- and local-currency issuer default ratings of B, national long-term rating of BBB-(rus), short-term foreign-currency issuer default rating of B and viability rating of B.

The ratings are driven by the bank's reasonable capitalization and comfortable liquidity position, Fitch said, but also its limited franchise, concentrated balance sheet, weak operating profitability and expansion through mergers and acquisitions activities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.