Fitch: Pravex Bank bonds B+

Fitch Ratings said it assigned Pravex Bank's 12½% fixed-rate UAH 200 million of series E and UAH 300 million of series F two-year senior bonds an expected long-term local-currency rating of B+ with a recovery rating of RR4 and an expected national long-term rating of AAA(ukr).

The final ratings are contingent upon receipt of final documentation conforming to information already received.

The proceeds will be used to increase the loan portfolio by issuing loans to individuals and legal entities.

Pravex Bank has a long-term foreign-currency issuer default rating of B, long-term local-currency issuer default rating of B+, short-term issuer default rating of B and national long-term rating of AAA(ukr).

The outlook is stable.

The bank's obligations under the new issues will rank at least equally with all its other unsecured and unsubordinated creditors, except those preferred by relevant Ukrainian legislation, Fitch said.

Under Ukrainian law, the claims of retail depositors rank above those of other senior unsecured creditors, the agency said.

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