OREANDA-NEWS. Fitch Ratings has today assigned HSBC Bank plc's ("HSBC") USD500 million 7.75% limited recourse loan participation notes due December 2011 a final Long-term 'BB-' (BB minus) rating.

The notes are to be used solely for financing a loan to JSCIB 'UkrSibbank' ("UkrSib", rated Issuer Default (IDR) 'BB-' (BB minus)/Positive Outlook, Short-term 'B', Support '3', Individual 'D/E') under a loan agreement.

HSBC only pays noteholders principal and interest, if any, received from UkrSib under the loan agreement.