Fitch rates Bank Saint Petersburg notes B+

Fitch Ratings said it assigned a final long-term rating of B+ to OJSC Bank Saint Petersburg's $100 million new-style subordinated loan participation notes.

The notes bear a coupon of 10¾% payable semi-annually and have a maturity in April 2019.

Fitch said it assigned the new-style tier 2 subordinated debt issues one notch below the bank's BB- viability rating.

The notching comprises zero notches for additional non-performance risk relative to the viability rating, the agency said.

Fitch said it believes these instruments should only absorb losses once the bank reaches, or is very close to, the point of non-viability.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.