Fitch: Oschadbank notes at B

Fitch Ratings said it assigned SSB No.1 plc's upcoming issue of limited recourse notes an expected long-term rating of B and a recovery rating of RR4.

The notes will be used solely for financing a dollar-denominated loan to JSC State Savings Bank of Ukraine (Oschadbank).

The total amount and final maturity of the issue are yet to be determined. The final ratings are contingent on the receipt of final documentation conforming materially to information already received.

Oschadbank has a foreign-currency long-term issuer default rating of B, local-currency long-term issuer default rating at B, short-term issuer default rating at B and national long-term at AA-(ukr).

The outlook is stable.

The ratings are driven by potential support from the Ukrainian authorities, in case of need, based on the bank's 100% state ownership and policy role, Fitch said.

The ratings also take into consideration the ability of the Ukrainian authorities to provide such support, which remains limited, as indicated by the sovereign's long-term issuer default rating of B.

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