OREANDA-NEWS. Fitch Ratings has today assigned BSPB Finance P.L.C.'s USD125 million 9.501% issue of limited recourse loan participation notes due 2009 final ratings of Recovery 'RR4' and Long-term 'B'.

The notes are to be used solely for financing a loan to Russia-based Bank Saint Petersburg ("BSP"), which is rated Issuer Default ("IDR") 'B' with Stable Outlook, Short-term 'B', Individual 'D', and Support '5'.

BSP is a mid-sized Russian bank with a large presence in St. Petersburg and the surrounding region. The franchise is currently focused primarily on serving local corporates, in part by leveraging a close relationship with the St. Petersburg City administration, although retail lending is also targeted to grow.