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Fitch Assigns Expected 'B-' Rating To Loan Participation Notes Of Ukraine's Privatbank

November 24, 2003 | Cbonds

Fitch Ratings, the international rating agency, has today assigned an expected Long-term rating of 'B-' (B minus) to the forthcoming loan participation notes expected to be issued by Credit Suisse First Boston ("CSFB") International Limited for the purposes of financing a loan to CJSC PrivatBank ("Privat") under a loan agreement. This rating is contingent upon receipt of final documents conforming to information already received.

CSFB International has no obligation to noteholders other than to account for all amounts equivalent to those received (principal and interest), if any, from Privat under the loan agreement. The loan agreement between CSFB International and Privat contains a negative pledge clause, and a cross default clause. Numerous other covenants exist, including one that restricts mergers and reorganisations, which would have a material effect on its business or would lead to a negative rating action, and one that limits dividend distributions by Privat. In addition, there is a covenant, which requires that Privat does not allow its total capital adequacy ratio to fall below the minimum set by the National Bank of Ukraine.

Privat is based in Dnepropetrovsk, a large city in south-east Ukraine. At end-1Q03 it was the largest bank by assets in Ukraine, with a sizeable presence in both corporate and retail banking markets on a national level and, in particular, locally.

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