Fitch rates Promsvyazbank notes B+

Fitch Ratings said it assigned PSB Finance SA's $125 million 8¾% senior notes due 2011 a final B+ long-term rating with a recovery rating of RR4.

The issue is to be used solely for financing a loan to Russia-based JSC Promsvyazbank, which has an issuer default rating of B+ with a stable outlook, short-term rating of B, individual rating of D and support rating of 5.

Fitch said it also assigned PSB Finance SA's $200 million 9 5/8% subordinated notes due 2012 a final B- long-term rating with a recovery rating of RR6. The proceeds are to be used for redeeming the outstanding principal of $45 million privately placed notes, which financed an existing subordinated loan to Promsvyazbank, and for financing a new loan to Promsvyazbank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.