Fitch assigns Kazakhstan's Sberbank bonds 'BBB-' final rating
Azerbaijan, Baku, June 18 / Trend E. Kosolapova/
Fitch Ratings has assigned Kazakhstan-based Subsidiary Bank Sberbank of Russia's series 2 senior unsecured bonds a Long-term local currency rating of 'BBB-' and National Long-term rating of 'AA(kaz)', Fitch reported on Tuesday.
The Series 2 notes have been issued under the framework of the second 100 billion (151.29 tenge = $1) note programme. The notes carry a fixed semi-annual coupon of 6.25 percent and mature in five years from the issuance date. 5.7 billion tenge bonds have been issued and listed on Kazakhstan's exchange.
The bonds rank pari passu with other senior unsecured obligations of the bank except for retail deposits, which rank higher under Kazakhstan's banking law. SBK had 137 billion tenge retail deposits at end of the first quarter of 2013 (20 percent of its total IFRS liabilities at the same date).
SBK, formerly Texakabank, was established in 1993 and was acquired by Sberbank of Russia in 2007. SBK is the sixth-largest bank in Kazakhstan, focusing primarily on corporate business. Sberbank currently owns virtually 100 percent of SBK.