Fitch rates Technikabank notes B-

Fitch Ratings said it assigned Texnika Finance BV's $26 million 12 ¾% privately placed senior unsecured loan participation notes due 2009 a long-term rating of B- rating and a recovery rating of RR4.

The notes are to be used solely for financing a loan to Technikabank, which has a long-term issuer default rating of B- with stable view and short-term issuer default rating of B.

The notes have the same terms and conditions as a eurobond issue, which the bank had initially intended to place in May or June, Fitch said.

At end of the first quarter of 2008, the bank was the fourth-largest bank in Azerbaijan by assets, with a 6% market share in banking system assets, the agency said.

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