Fitch rates Absolut Bank bonds B

Fitch Ratings said it assigned a long-term rating of B to Absolut Bank’s RUB 5 billion 14.5% new-style subordinated bonds payable semi-annually with a write-off feature.

The notes were also assigned a national long-term rating of BBB+(rus) and have a recovery rating of RR5.

The notes were assigned a rating one-notch lower than the bank’s B+ viability rating, Fitch explained. The notch is for loss severity, reflecting below-average recoveries in case of default, the agency said.

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