MOSCOW, October 24 (RIA Novosti) - Fitch Ratings has assigned Zenit Bank Eurobonds a final B rating, the international rating agency said Tuesday.
Fitch assigned Zenit Capital P.L.C.'s three-year $200 million 8.75% loan participation notes, due 27 October 2009, a long-term B rating and a recovery rating of RR4.
"The notes are to be used for the sole purpose of funding a loan to Russia-based Bank Zenit (Zenit), which is rated Issuer Default B with Stable Outlook, Short-term B, Individual D, Support 5 and National Long-term BBB-(BBB minus)(rus) with Stable Outlook," Fitch said.
Zenit Bank is on the list of the country's top 30 banks, published by the Central Bank of Russia. As of January 1, 2006, Zenit assets totaled 76.1 billion rubles (about $2.8 billion), and its shareholder equity was 7.6 billion rubles (about $281 million).
