OREANDA-NEWS. November 23, 2012. International rating agency Fitch has affirmed Promsvyazbank’s long-term foreign currency Issuer Default Rating (IDR) at “BB-” with a Stable Outlook, reported the press-centre of Promsvyazbank.

"Given the uncertainty in international capital markets, we are very pleased with the confidence in Promsvyazbank that Fitch Ratings demonstrates through affirming our rating and the stability of Promsvyazbank's creditworthiness", said Neil Withers, Vice-President for Capital Strategy and Investor Relations of Promsvyazbank.

The agency has also assigned PSB Finance S.A.’s USD 400m subordinated loan participation notes a long-term rating of “B+”.

In October 2012 Promsvyazbank successfully closed a USD400 million subordinated Eurobonds placement with a maturity period of 7 years. The bonds are denominated in U.S. dollars and will yield 10.2%. The subordinated Eurobonds placement was part of the bank's Medium Term Note (MTN) program under Rule 144A/Reg.S. Promsvyazbank, Bank of America Merrill Lynch, HSBC and JP Morgan were the organizers of the issue.

The funds raised will be recognized as Promsvyazbank’s additional capital by the Central Bank of Russia.