Fitch gives Tinkoff bond B+

Fitch Ratings said it assigned Tinkoff Credit Systems' RUB 3 billion senior unsecured fixed-rate exchange bond issue (BO-12 series), with a final maturity in May 2015 and a put option after 1.5 years, a long-term rating of B+.

The notes have a recovery rating of RR4.

Tinkoff has long-term foreign and local currency issuer default ratings of B+ with stable outlooks, a national long-term rating of A(rus) with a stable outlook, a short-term foreign currency issuer default rating of B, a viability rating of B+, a support rating of 5 and a support rating floor of no floor.

Fitch said the issue's ratings correspond to Tinkoff's long-term local currency issuer default rating.

The latter factors in Tinkoff's extended track record of exceptionally strong financial results, its ability to diversify acquisition channels and grow the business while keeping credit losses and costs under control and reasonable capital and funding profiles, the agency said.

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