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Fitch Rates Absolut Bank's RUB5bn Exchange Bonds at 'AA(rus)'; on RWN

December 24, 2012 Fitch Ratings
Fitch Ratings-London/Moscow-21 December 2012: Fitch Ratings has assigned Russia-based Absolut Bank's RUB5bn exchange bonds (series BO-01) a National Long-term rating of 'AA(rus)' and placed it on Rating Watch Negative (RWN).

The bonds bear a semi-annual coupon rate of 10.5% for the first three coupon payments and mature in December 2015. There is a put option exercisable in June 2014. Obligations on the bonds rank pari passu with the bank's other senior unsecured debt. The latter excludes retail deposits which rank higher according to Russian banking law. Absolut's retail deposits totalled RUB3.2bn or 18% of the bank's liabilities in end-11M12's statutory accounts.

Absolut's 'BB+' Long-term Issuer Default Rating (IDR) and 'AA(rus)' National Long-term rating are based on potential support from the parent, Belgium's KBC Bank ('A-'/Stable). The RWN on Absolut's ratings reflect the bank's potential sale in the near future which would likely lead to Absolut's ratings being downgraded, in Fitch's view.
  • Status
  • Country of risk
  • Redemption (put/call option)
    *** (***)
  • Amount
    5,000,000,000 RUB
  • М/S&P/F
    — / — / —
Company — Absolut Bank
  • Full name
    Absolut Bank
  • Registration country
  • Industry