Fitch rates Tsesnabank notes B-

Fitch Ratings said it today assigned a final B- long-term foreign-currency rating with a recovery rating of RR4 to Tsesna International BV's $125 million 9 7/8% senior unsecured eurobonds due 2010, which are unconditionally and irrevocably guaranteed by parent JSC TsesnaBank.

The bank has a B- issuer default rating, B short-term rating, D/E individual rating and 5 support rating.

The outlook is stable.

The agency said the notes may be redeemed at the option of the noteholders at par plus accrued following the occurrence of a relevant event such as a merger or an asset sale resulting in a rating downgrade.

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