Fitch rates Sovcombank bond BB+

Fitch Ratings said it rated PJSC Sovcombank's upcoming issue of dollar-denominated senior unsecured eurobonds an expected BB+. The issue size and coupon rate are not yet determined.

“The expected rating is in line with SCB's long-term issuer default rating (IDR) of BB+, as the notes will represent unconditional, senior unsecured obligations of the bank,” Fitch said in a press release.

The bonds will be issued by the bank’s SovCom Capital DAC, which will lend the proceeds to the bank.

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