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Fitch Rates NOMOS-Bank’s RUB3bn Bond ‘A-(rus)’

February 21, 2008 | Cbonds

Fitch Ratings- London/Moscow-21 February 2008: Fitch Ratings has today assigned NOMOS-Bank’s (Nomos) RUB3bn 1,092-day bond series 8 issue a National Long-term rating of ‘A-(A minus)(rus)’. Nomos is rated Long-term Issuer Default (IDR) ‘B+’ with a Stable outlook, Short-term IDR ‘B’, Individual ‘D’, Support ‘5’ and National Long-term ‘A-(A minus)(rus)’ with a Stable Outlook.

The bank's obligations under the issue will rank at least equally with all its other senior unsecured creditors, save those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2007, retail depositors accounted for 14% of the bank’s non-equity funding, according to the bank's unaudited local accounts.

Nomos was among the 20-largest Russian banks with USD7.4bn of total assets at 31 December 2007, according to statutory accounts. The franchise is focused primarily on serving corporates operating in the defence, energy and mining sectors, although a broadening of the corporate customer base is being pursued. The bank is among the largest bullion traders in Russia and has strong positions in fixed-income trading. Nomos is ultimately controlled by a group of Russian individuals, who include owners of the financial and industrial group ICT and existing and former management of the bank. The Czech PPF group acquired a 17.7% stake in Nomos in 2007.

Issue: Otkritie Bank, 08

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedRussia02/16/20113,000,000,000 RUBWithdrawn/-/-

Company: Otkritie Bank

Full company namePublic Joint Stock Company Bank "Financial Corporation Otkritie"
Country of riskRussia
Country of registrationRussia
IndustryBanks

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