Fitch assigns Promsvyazbank note B+

Fitch Ratings said it assigned a final B+ long-term rating with a recovery rating of RR4 to PSB Finance SA's $100 million tap issue of 8¾% limited recourse notes.

Proceeds of the notes will be used solely to finance a loan to Promsvyazbank, which has a B+ issuer default rating, B short-term rating, D individual rating and 5 support rating.

The outlook is positive.

The new notes will be consolidated and form a single series with PSB Finance's $125 million issue of 8¾% notes due October 2011.

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