November 8, 2012 / 1:12 PM / 5 years ago

TEXT-Fitch assigns Credit Europe Bank's subordinated eurobond expected 'B+(EXP)' rating

(The following statement was released by the rating agency)

Nov 08 - Fitch Ratings has assigned CEB Capital S.A.'s upcoming USD subordinated issue of limited recourse loan participation notes an expected rating of 'B+(EXP)'.

The bonds' final ratings will be contingent on the receipt of final documentation conforming to information already received.

The proceeds from the issue will be on-lent to Credit Europe Bank Ltd. (CEB), which has a Long-term Issuer Default Rating (IDR) of 'BB-'/Stable, a Short-term IDR of 'B', a Viability Rating of 'bb-', a Support Rating of '3' and a National Rating of 'A+(rus)/Stable'. CEB is the sole borrower under the subordinated loan agreement and its obligations.

CEB (formerly Finansbank (Russia) Ltd) is a mid-sized commercial bank (ranked 47th by assets at end-H112) with a focus on retail lending. It is controlled by Credit Europe Bank N.V., which is part of the larger FIBA Holding A.S., a Turkish conglomerate owned by businessman Husnu Ozyegin.

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