OREANDA-NEWS. On April 02, 2007 Fitch Ratings has assigned Absolut Finance S.A.’s recent USD175m 9,125% eurobond issue due March 2010 a final Long-term "B" rating and a final Recovery Rating "RR4", reported the press-centre of  Absolut Bank. The notes are to be used solely for financing a deposit with Russia’s Absolut Bank ("Absolut"), which is rated Issuer Default ("IDR") "B", Short-term "B", Individual "D", Support "5" and National Long-term "BBB(rus)". The Outlooks on both the IDR and the National Long-term rating are Stable.


Fitch notes that covenants regarding the bank’s capitalisation have been changed since the assignment of expected ratings to the notes. Absolut is now obliged to maintain total capital ratio of at least 11% (or 10% if its IDR is upgraded to "BB" or above) as calculated in accordance with the Basel Committee’s recommendations.