-Fitch sets expected B rating to Renaissance Capital Financial Holdings' bond.
BANKING AND CREDIT NEWS-October 20, 2010--Fitch sets expected B rating to Renaissance Capital Financial Holdings' bond(C)2010 M2 COMMUNICATIONS http://www.m2.com
20 October 2010 - Fitch assigned on Tuesday an expected long-term rating of B with a recovery rating of 4 to the upcoming fixed-rate RUB3bn (USD97.5m/EUR70.5m) bond issue of Renaissance Financial Holdings Ltd (RFHL), the holding company of investment bank Renaissance Capital.
The debt instrument will mature in five years and carries a two-year put-option.
The definitive rating hinges on the receipt of final documents confirming the information already obtained, the agency said.
The bond, to be placed by Renaissance Capital Kaznachey Ltd, benefits from surety provided by RFHL.
RFHL's obligations under the surety rank equally with the claims of other senior unsecured creditors, Fitch said.
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