Fitch gives Sberbank eurobond BBB

Fitch Ratings said it assigned Sberbank of Russia's CHF 200 million eurobond issue a BBB long-term rating.

The notes were issued by Luxembourg-based SPV SB Capital SA under Sberbank's $30 billion loan participation notes program, which Fitch rates at long-term BBB and short-term F3.

The notes are due in February 2017 and have a fixed 2.065% coupon rate. Sberbank's obligations under loan agreement with SPV will rank equally with the claims of other senior unsecured creditors, except the claims of retail depositors.

Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2012, retail deposits accounted for 55.7% of Sberbank's total liabilities, according to the bank's Russian Accounting Standards financial accounts.

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