Fitch rates Sovcombank bonds BB+

Fitch Ratings said it assigned Sovcombank’s upcoming issue of dollar-denominated senior unsecured eurobonds an expected BB+ rating. The issue size, interest rate and tenor are yet to be determined.

“The expected rating is in line with SCB’s long-term issuer default rating (IDR) of BB+, as the notes will represent unconditional, senior unsecured obligations of the bank, which rank pari passu with its other senior unsecured obligations,” Fitch said in a press release.

The bonds will be issued by the bank’s financing vehicle, Sovcom Capital DAC, which will on-lend the bank the proceeds.

Sovcombank plans to use the proceeds from this social bond to finance its portfolio of installment cards.

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