Fitch rates Ardshinbank’s notes B+

Fitch Ratings said it assigned Dilijan Finance BV’s upcoming dollar-denominated senior unsecured notes an expected rating of B+ and a recovery rating of RR4. Dilijan is a special-purpose vehicle of Ardshinbank CJSC

Proceeds will be used for financing a loan to Ardshinbank.

Dilijan will only pay noteholders amounts received from Ardshinbank under the loan agreement.

“The senior unsecured notes are rated at the level of Ardshinbank’s long-term issuer default rating of B+ and assume average recovery prospects for noteholders in case of default,” said Fitch in a press release.

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