Fitch rates Sberbank notes BBB

Fitch Ratings said it assigned a final BBB long-term foreign-currency rating to SB Capital SA's CHF 400 million 3½% senior limited-recourse loan participation notes due November 2014.

The proceeds will be used solely for financing a loan to Sberbank - Savings Bank of the Russian Federation, which has a BBB long-term foreign-currency issuer default rating with a stable outlook and an F3 short-term issuer default rating.

The agency noted that under Russian law, the claims of retail depositors rank above those of other senior creditors and that retail deposits accounted for about 60% of Sberbank's total liabilities at the end of June.

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