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Fitch rates Sberbank bonds BB+
Fitch Ratings said it assigned Kazakhstan-based subsidiary Bank Sberbank of Russia's KZT 20 billion subordinated bonds a long-term local-currency rating of BB+ and a national long-term rating of AA-(kaz).
The bank has a long-term local-currency issuer default rating of BBB- and a national long-term rating of AA(kaz).
The outlook is stable.
The notes represent the series 1 bonds issued in the framework of the bank's second subordinated note program with the total volume of KZT 100 billion. The series 1 issue carries a fixed interest rate of 7% and matures in 2018.
The bank, formerly Texakabank, is 100%-owned by Russia-based Sberbank (BBB/stable).
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