Fitch rates SlavinvestBank note B-

Fitch Ratings said it assigned an expected B- long-term rating with a recovery rating of RR4 to Slavinvest Finance SA's upcoming issue of limited recourse loan participation notes, which will be used for the sole purpose of financing a loan to Russia-based SlavinvestBank LLC, which has a B- issuer default rating, B short-term rating, D/E individual rating, 5 support rating and BB+(rus) national long-term rating.

The ratings of SlavinvestBank are on Rating Watch positive.

Slavinvest Finance will only pay noteholders principal and interest received from SlavinvestBank, and the claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of the bank, save those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Under Russian law, the claims of retail depositors and accountholders rank above those of other senior unsecured creditors. Fitch said that at the end of June, retail deposits and accounts accounted for 6.7% of the bank's total liabilities.

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