Fitch rates Promsvyaz Finance notes B

Fitch Ratings said it assigned Promsvyaz Finance plc's new $150 million limited recourse loan participation notes an expected long-term B rating.

The notes are to be used solely for financing a loan to Russia's Promsvyazbank, whose ratings of long-term foreign currency B/stable, short-term B, support 5, individual D, were affirmed by Fitch.

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 $0.3 billion as at July 1. It is ultimately owned, on an equal basis, by two brothers, who control a number of other financial and industrial companies involved in food production, publishing, real estate and insurance.

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