Fitch rates Sberbank note BBB+

Fitch Ratings said it assigned an expected BBB+ rating to SB Capital SA's upcoming issue of dollar-denominated five-year notes, which will finance a senior unsecured loan to Russia-based Sberbank.

The outlook is stable.

Sberbank's obligations under the loan agreement will rank at least equally with all other unsecured and unsubordinated obligations of the bank, save those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At the end of June, retail deposits accounted for 65% of Sberbank's total liabilities. Fitch said this could create additional risks for noteholders in a default scenario, as their claims would be subordinated to the majority of the bank's other creditors.

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