Fitch rates Nomos Bank

Fitch Ratings said it assigned an expected B- long-term rating with a recovery rating of RR6 to Nomos Capital SA's upcoming issue of limited recourse loan participation notes with a 10-year maturity. The notes are to be used solely for financing a subordinated loan to Russia-based Nomos Bank.

Nomos Capital will only pay noteholders amounts (principal and interest), if any, received from Nomos Bank under the subordinated loan agreement. The claims of Nomos Capital in relation to the repayment of the subordinated loan will be junior to all senior claims and will rank at least equally with the claims of other subordinated creditors of Nomos Bank, the agency said. The interest rate will be fixed, with a step-up after five years. Nomos will also have the right to prepay the subordinated loan after five years in case of change of regulations relating to the capital treatment of subordinated debt that will allow prepayment of subordinated loans.

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