Fitch rates Probusinessbank bonds BB+(rus)

Fitch Ratings said it assigned Probusinessbank's new Russian ruble 1 billion senior unsecured bonds due April 2009 a national long-term BB+(rus) rating.

Probusinessbank's ratings are national long-term BB+(rus), international long-term B-, short-term B, individual D and support 5. The outlooks on both the national and international long-term ratings are stable.

Fitch said the long-term, short-term and individual ratings reflect Probusinessbank's low core profitability and the substantial costs and risks associated with strategic expansion into new retail and SME segments as well as to major Russian regions. However, they also take into account its currently adequate, albeit falling, capitalization.

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