Fitch rates Locko bonds BB+(rus)

Fitch Ratings said it assigned Russia's Locko-bank ratings of long-term B-, short-term B, national long-term BB+(rus), individual D and support 5. The outlook is stable.

At the same time Fitch assigned Locko's RUB500 million 12.75% domestic bond due April 2008 a national long-term rating of BB+(rus).

Fitch said the ratings reflect Locko-bank's small size by international standards and limited franchise, modest profitability and concentrated loan book, as well as certain weaknesses in the Russian operating environment.

However, Fitch said they also take into account its currently strong capitalization, good asset quality to date and adequate liquidity.

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