Fitch rates Orgresbank bonds BB+(rus)

Fitch Ratings said it assigned Orgresbank's three-year RUB500 million bond issue a BB+(rus) national long-term rating. Orgresbank has a B- long-term rating, B short-term rating, D individual rating, 5 support rating and BB+(rus) national long-term rating.

The outlook is stable.

The agency said Orgresbank's obligations under the issue will rank at least pari passu with the claims of its other senior unsecured creditors, save those preferred by relevant legislation.

Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At Sept. 31, retail deposits accounted for under 6% of Orgresbank's total liabilities, Fitch said.

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