Fitch: TCS Finance notes B

Fitch Ratings said it assigned TCS Finance Ltd.'s issue of loan participation notes an expected long-term rating of B and recovery rating of RR4.

TCS Finance, an Ireland-domiciled special purpose vehicle, will use the proceeds to finance a loan to TCS-bank and will only pay noteholders principal and interest received from the bank, Fitch said.

TCS-bank is the core operating entity of the broader group consolidated at the level of Egidaco plc.

TCS-bank has long-term foreign- and local-currency issuer default ratings of B, a short-term issuer default rating of B and a national rating of BBB(rus).

The outlook is stable.

Egidaco plc will provide a guarantee to TCS Finance Ltd. in respect to TCS-bank's obligations under the loan agreement, the agency said.

The notes will rank at least equally with TCS-bank's other senior unsecured obligations, save those preferred by relevant law, Fitch said.

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