Fitch rates First Ukrainian notes B-

Fitch Ratings said it assigned Standard Bank plc's $125 million issue of 9 ¾% loan participation notes due February 2010 final ratings of long-term B- and recovery rating of 4.

The notes are issued for the sole purpose of financing a loan to First Ukrainian International Bank, rated issuer default B-, short-term B, individual D, support 5 and national long-term BBB(ukr) with stable outlook.

The new notes are to consolidate and form a single series with Standard Bank $150 million issue of 9 ¾% loan participation notes due February 2010.

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