Fitch: PSB Finance notes BB-

Fitch Ratings said it assigned an expected long-term rating of BB- to PSB Finance SA's upcoming five-year dollar-denominated issue of loan participation notes.

PSB Finance will use the proceeds from the notes to finance a loan to Russia-based Promsvyazbank and will only pay noteholders principal and interest received from the bank.

The notes will rank equally with the claims of other senior unsecured creditors, save those preferred by relevant laws, the agency said.

Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors, Fitch said.

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