Fitch: Alfa-Bank bonds B-(emr)

Fitch Ratings said it assigned an expected long-term local-currency ratings of B-(emr) with recovery ratings of RR4 to PJSC Alfa-Bank’s UAH 500 million series M bonds due October 2017 and UAH 500 million series N senior unsecured bonds due November 2017.

The agency also assigned national long-term ratings of AA+(ukr) to the bonds.

The ratings reflect the likelihood of the bank fulfilling its obligations to pay the nominal hryvna principal and interest, Fitch said.

The emr designation or “except market risk” signals that the market risk attached to indexation adjustment is excluded from the rating as its size is dependent on market movements, the agency said.

The bank also has a long-term issuer default rating of CCC, local-currency long-term issuer default rating of B-, national long-term rating of AA+(ukr) and viability rating of CCC.

The negative outlook on the rating reflects country risks and restrictions being placed on bank’s ability to service its local-currency obligations, Fitch said.

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