Fitch gives F3 short-term to SB Securities debt

Fitch Ratings said it assigned F3 short-term ratings to six debt issues of SB Securities SA.

The issues were placed before Aug. 1, 2014, and mature between March 2015 and July 2015.

The notes were issued by Luxemburg-based SB Securities SA for the sole purpose of financing loans to Sberbank of Russia (BBB-/negative/F3). The notes are unconditionally and irrevocably guaranteed by Sberbank, and obligations of Sberbank under the guarantee rank equally with all other senior unsecured obligations of the bank.

The notes' ratings are equalized with Sberbank's short-term issuer default rating. A downgrade of Sberbank's short-term issuer default rating would be likely to lead to a downgrade of the notes, the agency said.

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