OREANDA-NEWS. Fitch Ratings has today assigned PSB Finance S.A.'s USD125 million 8.75% senior notes due October 2011 final ratings of Long-term 'B+' and Recovery 'RR4'.

The issue is to be used solely for financing a loan to Russia-based JSC Promsvyazbank ("PSB"), rated Issuer Default rating 'B+' with Stable Outlook, Short-term 'B', Individual 'D', and Support '5'..

Fitch has also assigned PSB Finance S.A.'s USD200 million 9.675% subordinated notes due May 2012 final ratings of Long-term 'B-' (B minus) and Recovery 'RR6'.

The proceeds are to be used for redeeming the outstanding principal of USD45 million privately placed notes, which financed an existing subordinated loan to PSB and for financing a new loan to PSB.