Fitch rates Pivdennyi Bank notes B-

Fitch Ratings said it assigned Standard Bank plc's upcoming issue of limited recourse loan participation notes an expected long-term B- rating and an expected recovery rating of 4. The limited recourse notes are to be used solely for financing a loan to Pivdennyi Bank, which is rated long-term issuer default B-, short-term issuer default B, individual D/E and support 5. Its support rating floor is no floor. The ratings are contingent upon final documents.

The outlook is stable.

Noteholders will receive a put option upon a change of control event. If such an event occurs, the rating may put on negative watch, downgraded or withdrawn, Fitch said.

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