Fitch rates First Ukrainian note B-

Fitch Ratings said it assigned an expected B long-term rating with a recovery rating of RR4 to Standard Bank plc's upcoming issue of loan participation notes, the proceeds of which will be used for the sole purpose of financing a loan to First Ukrainian International Bank.

First Ukrainian is rated B- issuer default, B short-term, D individual, 5 support and BBB(ukr) national long-term with a stable outlook.

The terms and conditions of the notes specify that they will rank at least equally with the claims of other senior unsecured creditors of First Ukrainian, save those preferred by relevant laws. Under Ukrainian bankruptcy law, obligations to individual depositors and account holders rank above those of other senior unsecured creditors. Fitch said that at the end of the third quarter, retail deposits and accounts comprised 22.8% of the bank's total liabilities.

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