Fitch rates TCS notes B

Fitch Ratings said it assigned TCS Finance Ltd.'s issue of $175 million of 11½% senior loan participation notes due April 21, 2014 a final long-term rating of B and recovery rating of RR4.

The outlook is stable.

The proceeds from the notes will be used to finance a loan to Tinkoff Credit Systems and will only pay noteholders principal and interest received from the bank.

TCS has long-term foreign- and local-currency issuer default ratings of B, a short-term issuer default rating of B and a national rating of BBB(rus).

The notes will rank at least equally with other senior unsecured obligations, except those preferred by relevant legislation, the agency said.

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