Fitch rates Oschadbank notes B

Fitch Ratings said it assigned SSB No.1 plc's $500 million of 8¼% limited recourse notes a final long-term rating of B and a recovery rating of RR4.

The notes are being used solely for financing a dollar-denominated loan to JSC State Savings Bank of Ukraine, Oschadbank (long-term foreign- and local-currency issuer default ratings B/stable).

The loan agreement contains a set of covenants, including ones that limit disposals and mergers and stipulate that transactions with affiliates should be conducted on an arm's-length basis, the agency said.

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