Fitch rates Promsvyazbank notes B-

Fitch Ratings said it assigned PSB Finance SA's upcoming issue of subordinated loan participation notes expected long-term rating B- and recovery rating RR4.

The notes have an expected maturity of 5½ years and will be the first subordinated debt issue under the $3 billion loan participation notes program, which allows for borrowings in the form of both senior unsecured and subordinated notes.

PSB, a Luxemburg-domiciled special-purpose vehicle, will use the proceeds to finance a subordinated loan to Promsvyazbank (B+/negative) and will only pay noteholders principal and interest received from the bank.

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