Fitch rates Probusinessbank note B-

Fitch Ratings said it assigned an expected B- long-term rating with a recovery rating of RR4 to PBB LPN Issuance Ltd.'s upcoming notes issue, the proceeds of which will be used to finance a loan to Probusinessbank.

The outlook is stable.

Probusinessbank's claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of Probusinessbank, save those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. The agency said that at the end of the third quarter of 2006, retail deposits accounted for 28% of Probusinessbank's total liabilities.

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