Fitch rates Promsvyaz Finance notes B

Fitch Ratings said it assigned Promsvyaz Finance plc's $200 million 8.5% loan participation notes due 2010 a final long-term B rating.

The notes are to be used solely for financing a loan to Russia's Promsvyazbank, (long-term B/stable outlook, short-term B, support 5, individual D). Promsvyaz Finance plc, an Ireland-domiciled special purpose vehicle, will only pay noteholders principal and interest received from Promsvyazbank.

Promsvyazbank was founded in 1995 and ranks among the top 15 banks in Russia with total assets of $2.6 billion, net loans of $1.4 billion and shareholders equity of $300 million as of July 1.

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