Fitch rates Bank Zenit bond A-(rus)

Fitch Ratings said it assigned Bank Zenit's RUR3 billion series 6 bond issue due July 2014 a national long-term rating of A-(rus). The bank has a long-term issuer default rating of B+, short-term issuer default rating of B and national long-term rating of A-(rus).

The outlook is negative.

The bank's obligations under the issue will rank at least equally with all its other senior unsecured creditors, except those preferred by relevant legislation, Fitch said.

The bank focuses primarily on corporate and investment banking, but is also developing private and retail businesses, the agency said.

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