OREANDA-NEWS. Fitch Ratings has assigned six short-term debt issues of SB Securities S.A. 'F3' Short-term ratings. The issues were placed before 1 August 2014, and mature between March 2015 and July 2015. The ISINs of the issues are XS1043507398, XS1048541251, XS1061548134, XS1070572349, XS1076645487 and XS1091696259.

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.

RATING SENSITIVITIES
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.