OREANDA-NEWS. Fitch Ratings has today assigned Zenit Capital P.L.C.'s three-year USD 200 million 8.75% loan participation notes due 27 October 2009 a Long-term 'B' rating and a Recovery Rating 'RR4'.

The notes are to be used for the sole purpose of funding a loan to Russia-based Bank Zenit ("Zenit"), which is rated Issuer Default 'B' with Stable Outlook, Short-term 'B', Individual 'D', Support '5' and National Long-term 'BBB-(BBB minus)(rus)' with Stable Outlook.

The terms and conditions of the notes specify that they will rank at least equally with the claims of other unsecured creditors of Zenit, save those preferred by relevant (bankruptcy, liquidation etc.) laws.