Fitch: Ukreximbank notes B

Fitch Ratings said it assigned Biz Finance plc's issue of UAH 2.39 billion of 11% fixed-rate limited recourse notes a long-term rating of B and a recovery rating of RR4.

The notes, due in February 2014, will be used solely for financing a deposit, denominated, funded and repayable in hryvnia, but settled in dollars, to be placed with JSC The State Export-Import Bank of Ukraine (Ukreximbank).

Ukreximbank has a long-term issuer default rating of B, short-term issuer default rating of B and national long-term rating of AA-(ukr), Fitch said.

The outlook is stable.

The ratings are underpinned by potential support from the Ukrainian authorities, in case of need, based on the bank's state ownership and policy role, Fitch said.

The ratings also take into consideration the ability of the Ukrainian authorities to provide such support, which remains limited, as indicated by the sovereign's long-term issuer default rating of B, the agency said.

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