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Ukrsotsbank's Proposed Loan Participation Notes Assigned 'B' Prelim Rating; On Watch Pos

January 30, 2007 | Cbonds

London (Standard & Poor's) Jan. 29, 2007--Standard & Poor's Rating Services
said today that it assigned its 'B' preliminary rating to U.S.
dollar-denominated senior unsecured loan participation notes to be issued by
Credit Suisse International (AA-/Stable/A-1+) on a limited recourse basis for
the sole purpose of funding a senior unsecured loan to Ukrsotsbank OJSC
(B/Watch Pos/B). At the same time, Standard & Poor's placed the 'B'
preliminary rating on the notes on CreditWatch with positive implications.
The rating on the loan participation notes reflects the ratings on
Ukrsotsbank. The ratings on the latter reflect the bank's rapid loan growth,
high, but reducing, single-party concentrations in lending, and intensified
competition in the Ukrainian banking sector. Positive rating factors are the
bank's good commercial franchise, good financial flexibility and liquidity,
strengthened capitalization, stabilized political environment, and economic
improvements in Ukraine (foreign currency, BB-/Stable/B; local currency,
The preliminary rating is based on draft documentation, and is subject to
change should the final terms be materially different.

Company: Ukrsotsbank

Full company nameUkrsotsbank PJSC
Country of riskUkraine
Country of registrationUkraine


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