Fitch gives Absolut Bank bonds AA(rus); now on watch

Fitch Ratings said it has assigned Absolut Bank's RUB 5 billion of exchange bonds a national long-term rating of AA(rus) and placed it on rating watch negative.

The bonds bear a semiannual coupon rate of 10.5% for the first three coupon payments and mature in December 2015, the agency said.

There is a put option exercisable in June 2014.

Absolut's BB+ long-term issuer default rating and AA(rus) national long-term rating are based on potential support from the parent, KBC Bank (A-/stable), Fitch added.

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