Fitch applies BB+ to Alfa Bond LPNs

Fitch Ratings said it assigned Alfa Bond Issuance plc's (ABI) upcoming issue of dollar-denominated senior limited recourse loan participation notes an expected BB+(EXP) rating.

Alfa Bond, an Irish SPV issuing the bonds, will be on-lending the proceeds to Russian JSC Alfa-Bank, rated long-term local and foreign currency issuer default ratings BB+/negative, short-term issuer default rating B, viability rating bb+, support rating 4, support rating floor B and national long-term rating AA+(rus)/stable.

The expected rating of the issue is driven by Alfa's long-term issuer default ratings of BB+.

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