Fitch gives O'KEY bonds B+

Fitch Ratings said it has assigned O'KEY LLC's prospective issue of a new bond under its of RUB 8 billion program an expected foreign and local currency senior unsecured rating of B+(exp) and a long-term national rating of A-(rus)(exp).

The agency noted that O'KEY Group SA's long-term foreign and local currency issuer default ratings have been affirmed at B+ and the national long-term rating at A-(rus).

The outlooks are stable.

According to Fitch, the notes are an unsecured instrument issued by O'KEY LLC and guaranteed by Dorinda JSC.

Fitch assumes that given the group's size, market position in the Russian food retail market, the prospect of recoveries for noteholders, given default, would likely be based on a "going concern" basis.

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