Fitch Rates SDM Bank's Debut 01 Series Bond Issue 'B(EXP)
February 6, 2013 Fitch Ratings
Fitch Ratings-London/Moscow-05 February 2013: Fitch Ratings has assigned SDM-Bank's (SDM) upcoming debut issue of senior unsecured RUB bonds expected Long-term ratings of 'B(EXP)' and a National Long-term rating of 'BBB(rus)(EXP)'. The bonds' expected Recovery Rating is 'RR4(EXP)'
The bonds have a maturity of three years, a nominal value of RUB1.5bn, semi-annual coupons and a one-year put option.
SDM has a Long-term Issuer Default Rating (IDR) of 'B', a Short-term IDR of 'B', a Local Currency Long-term IDR of 'B', a Viability Rating of 'b', a Support Rating of '5', a Support Rating Floor of 'NF' and a National Rating of 'BBB(rus)'.
SDM is a small Moscow-based bank established in 1991. The bank is funded by corporate and retail customer accounts and focuses on SME and corporate lending. SDM is 66.2% owned by Anatoly Landsman. Minority stakes are held by EBRD (15%) and Firebird Avrora Fund (8.5%).
Issue — SDM-Bank, 01
Country of riskRussia
Redemption (put/call option)
М/S&P/F— / — / —
Company — SDM-Bank
Full nameSDM-Bank Public Joint Stock Company