OREANDA-NEWS. Fitch Ratings has today assigned AK BARS Luxembourg S.A.'s upcoming USD1,5bn debt issuance programme expected ratings of Long-term "BB-" (BB minus) for notes with maturities in excess of one year and Short-term "B" for notes with maturities of less than one year.

The notes are to be used solely for financing a loan to Russia's AK BARS Bank.

At the same time, Fitch has assigned an expected "BB-" (BB minus) rating to the programme's upcoming Series 1 issue. The issue is expected to be a senior bond of approximately USD300m, maturing in three to five years.

The final ratings of the programme and the issue are contingent upon the receipt of final documentation conforming materially to information already received.