Fitch assigns MDM Bank notes B+

Fitch Ratings said it assigned MDM International Funding plc's upcoming issue of limited recourse loan participation notes an expected long-term rating of B+.

The notes are to be used solely for financing a subordinated loan to Russia's MDM Bank under a subordinated loan agreement, the agency said, adding that MDM has an issuer default rating of BB-.

The outlook is stable.

Fitch added that the expected B+ rating of the subordinated notes is in line with its standard notching practice for subordinated instruments of issuers with issuer default ratings of BB- or higher.

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