March 14 - Fitch Ratings has assigned Public Joint Stock Company UkrSibbank’s (USB) senior unsecured bonds, including series I and series J for UAH500m each, a Long-term local currency rating of ‘B+', a Recovery Rating of ‘RR4’ and a National Long-term rating of ‘AAA(ukr)'.
Both issues mature in March 2015 with a put option after the first and the second year of circulation. The bonds bear a 17% interest rate for the first year period starting from 15 March 2012.
The bank’s obligations under all issues will rank at least equally with the claims of USB’s other senior unsecured creditors, except those preferred by relevant legislation. Under Ukrainian law, retail depositors’ claims rank above those of other senior unsecured creditors. At end-2011, retail deposits accounted for 36% of USB’s total liabilities, according to the bank’s local GAAP accounts.
USB was ranked ninth by assets in the country at end-2011. The bank’s IDRs and National Rating reflect the support it may receive if needed from its majority shareholder, BNP Paribas (‘A+'/Stable), which holds 84.99% stake in USB. Another 15% is controlled by EBRD.