Fitch rates Victoria-Finance notes B-

Fitch Ratings said it assigned LLC Victoria-Finance's prospective issuance of two notes of RUB 2 billion each an expected local-currency senior unsecured rating of B- and an expected national long-term rating of BB(rus).

The rating is contingent upon receipt of final documents.

Fitch said that the long-term foreign- and local-currency issuer default ratings on OJSC Victoria Group are affirmed at B- and the national long-term rating at BB(rus).

The outlook is stable.

Fitch said the notes will benefit from an irrevocable "offer" from each holding company - OJSC Victoria Group, CJSC Torkas, LLC Victoria-Moskovia, LLC Victoria-Development and LLC Victoria-Baltia - to purchase the notes in the event of a default.

But the agency added that the structure requires note holders to monitor any event of default.

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