November 16, 2015 / 6:19 PM / 2 years ago

Fitch Rates Alfa-Bank's Senior Eurobond 'BB+(EXP)'

(The following statement was released by the rating agency) MOSCOW, November 16 (Fitch) Fitch Ratings has assigned Alfa Bond Issuance plc's (ABI) upcoming issue of USD-denominated senior limited recourse loan participation notes an expected 'BB+(EXP)' rating. The final rating is contingent upon the receipt of final documents conforming to information already received. ABI, an Irish SPV issuing the bonds, will be on-lending the proceeds to Russian JSC Alfa-Bank (Alfa), rated Long-term local and foreign currency Issuer Default Ratings (IDR) 'BB+'/Negative, Short-term IDR 'B', Viability Rating 'bb+', Support Rating '4', Support Rating Floor 'B' and National Long-term rating 'AA+(rus)'/Stable. There are no financial covenants in the facility agreement except compliance with regulatory capital requirements. The terms of the issue include an event of default clause in case the parent company ABH Financial Limited (ABHFL, BB/Negative) or its successor (in case of potential re-organisation) ceases to control more than 50% of Alfa. The loan/notes will not be guaranteed by ABHFL. KEY RATING DRIVERS The expected rating of the issue is driven by Alfa's Long-term Issuer Default Ratings (IDR) of 'BB+'. RATING SENSITIVITIES The rating of the issue is likely to move in tandem with Alfa's Long-term IDR. Contact: Primary Analyst Alexander Danilov Senior Director +7 495 956 9901 Fitch Ratings Moscow Valovaya Str, 26 Moscow Secondary Analyst Anton Lopatin Associate Director +7 495 956 9901 Committee Chairperson James Watson Managing Director +7 495 956 9901 Media Relations: Francoise Alos, Paris, Tel: +33 1 44 29 91 22, Email: francoise.alos@fitchratings.com; Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Date of relevant committee 12 Feb 2015 Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 20 Mar 2015) here Additional Disclosures Solicitation Status here Endorsement Policy here ail=31 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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