Fitch rates Bank Saint-Petersburg notes B+, B, B-

Fitch Ratings said it assigned BSPB Finance plc's $1.5 billion loan participation notes program a

long-term rating of B+ and short-term rating of B for senior unsecured notes and a long-term rating of B- for subordinated debt notes.

The notes will be used for financing loans to Bank Saint-Petersburg, which has a long-term issuer default rating of B+, short-term issuer default rating of B with stable view. The bank's $125 million loan participation notes due November 2009 have a long-term rating of B+ and recovery rating of RR4.

The subordinated notes are rated two notches below senior unsecured notes rating, reflecting their poor recovery prospects, Fitch said.

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