Fitch rates SibAcademBank notes B

Fitch Ratings said it assigned Sibacademfinance plc's €300 million 8.3% senior unsecured notes due November 2011 final ratings of recovery RR4 and long-term B. The notes are to be used solely for financing a loan to Russia-based SibAcademBank, which is rated issuer default B with stable outlook, short-term B, individual D and support 5.

The issue was made under Sibacademfinance $1 billion loan participation notes issuance program, rated long-term B (for senior unsecured notes with initial maturities of more than one year) and short-term B (for senior unsecured notes with initial maturities of up to one year).

SibAcademBank is one of the leading banks in the Siberian Federal District and ranked 31st in Russia by total assets at the end of the first half of 2006.

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