Fitch assigns Promsvyazbank notes B-

Fitch Ratings said it assigned PSB Finance SA's $200 million issue of subordinated loan participation notes a final long-term rating of B- and a recovery rating of RR6.

The notes will mature in 2016, pay an 11¼ % coupon and were issued under a $3 billion loan participation notes program, which allows for borrowings in the form of senior unsecured and subordinated notes.

PSB Finance SA, a special-purpose vehicle, will use the proceeds to finance a subordinated loan to Promsvyazbank, which has B+ and B ratings with a positive outlook, and will only pay noteholders principal and interest received from PSB Finance, Fitch said.

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