Fitch rates VAB bank notes B-

Fitch Ratings said it assigned Credit Suisse International's upcoming $125 million 10.125% issue of limited recourse loan participation notes due June 2010 ratings of recovery rating of 4 and long-term B-. The notes are to be used solely for financing a loan to Ukraine-based Vseukrainsky Aksionerny Bank (VAB bank), which is rated issuer default B-, short-term B, individual D/E, support 5 and national long-term BBB-(ukr).

The outlook is stable.

Claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of VAB, save those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Under Ukrainian law, the claims of retail depositors rank above those of other senior unsecured creditors, the agency said.

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