(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.