(The following statement was released by the rating agency)
Aug 21 - Fitch Ratings has assigned CB Renaissance Capital’s (CBRC; ‘B’/Stable) RUB4bn bond issue BO-02, due 09 August 2015 a final Long-term rating of ‘B’ and National Long-term rating of ‘BBB(rus)’ with a Recovery Rating of ‘RR4’.
First and second coupons were priced at 12.9%. The bonds have a put option after one year. CBRC’s obligations under the notes will rank equally with the claims on existing senior unsecured debt. The proceeds will be used to fund CBRC’s core business.
CBRC is a relatively small private specialist consumer finance bank, operating under the brand name Renaissance Credit. CBRC is part of the Renaissance Group, which includes investment banking group Renaissance Financial Holdings Limited (RFHL, ‘B’/Negative). Since Q112, a 65% stake in CBRC has been held by a company co-owned by RFHL’s shareholders, Onexim group (50%-1/2 share) and Renaissance Capital Holding Limited (50%+1/2 share).