Fitch rates SB Capital notes BBB

Fitch Ratings said it assigned SB Capital SA's upcoming issue of senior unsecured limited recourse loan participation notes, with an expected maturity of five years, an expected long-term foreign-currency BBB rating.

The rating is contingent on the receipt of final documents.

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

The notes will be issued under Sberbank's $10 billion loan participation notes program, Fitch said.

The lender's claims in relation to the repayment of the loan will rank at least equally with the claims of other senior unsecured creditors, save those preferred by relevant laws, the agency said.

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