OREANDA-NEWS. Fitch Ratings has today assigned RSHB Capital S.A.'s CHF375m 3.583% senior limited recourse notes due March 2010 a final 'BBB+' rating.

The notes finance a loan to JSC Russian Agricultural Bank ("RAB", rated Issuer Default 'BBB+' with a Stable Outlook, Short-term 'F2', Individual 'D', Support '2' and National Long-term 'AAA(rus)' with a Stable Outlook). RSHB Capital S.A. will only pay noteholders amounts (principal and interest) received from RAB under the loan agreement.

RAB is 100% state-owned and the principal agent to implement state policies in the agribusiness sector. It was one of the 10 largest Russian banks as of October 2006, providing a broad range of services to SMEs in the agribusiness sector and to the population in rural areas through about 900 points of sale across the country.