Fitch rates Promsvyazbank notes B-

Fitch Ratings said it assigned PSB Finance SA's $100 million 12½% subordinated loan participation notes due 2018 final ratings of long-term B- and recovery rating of RR6.

The notes are issued for the sole purpose of financing a subordinated loan to Russia-based Promsvyazbank, which has a long-term issuer default rating of B+, short-term issuer default rating of B, individual rating of D and support rating of 5.

The bank is one of the largest Russian privately held banks, Fitch said, and is majority-owned by the Ananiev brothers with Commerzbank AG holding 15.3% of voting shares. However, Commerzbank is not involved in operational or strategic management of Promsvyazbank, the agency said.

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