Fitch Assigns SB Securities S.A.'s Notes 'F3' Short-Term Ratings
KEY RATING DRIVERS
The notes were issued by Luxemburg-based SB Securities S.A. for the sole purpose of financing loans to Sberbank of Russia (Sberbank, BBB-/Negative/F3). The notes are unconditionally and irrevocably guaranteed by Sberbank, and obligations of Sberbank under the guarantee rank equally with all other senior unsecured obligations of the bank.
The notes' ratings are equalised with Sberbank's Short-term IDR. A downgrade of Sberbank's Short-term IDR would be likely to lead to a downgrade of the notes.