Fitch rates Subsidiary Bank bonds BBB-

Fitch Ratings said it assigned an expected long-term local-currency rating of BBB- to Subsidiary Bank Sberbank of Russia's 20 billion in Kazakhstan tenge senior unsecured bonds, along with an expected national long-term rating of AA(kaz).

The issue of series 2 notes is anticipated in the first quarter of 2013. The bonds would carry a fixed semi-annual coupon of 6¼% and would mature in five years from the issuance date.

Kazakhstan's Subsidiary Bank Sberbank of Russia, formerly Texakabank, was established in 1993 and was acquired by Russia-based Sberbank in 2007.

The bank also has a long-term local-currency issuer default rating of BBB- and a national long-term rating of AA(kaz).

The outlook is stable.

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