Fitch rates Oschadbank notes B

Fitch Ratings said it assigned an expected long-term rating of B and a recovery rating of RR4 to SSB No.1 plc's $200 million 8¼% upcoming tap issue of limited recourse notes

The notes will be consolidated to form a single series with the outstanding $500 million 8¼% notes due in March 2016.

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

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

The outlook is stable.

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

The ratings also consider 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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