OREANDA-NEWS. November 01, 2008. Fitch Ratings has assigned AK BARS Bank’s (Ak Bars) RUB5bn Series 4 and RUB3bn Series 3 senior unsecured notes final Long-term ‘AA-(minus)(rus)’ ratings, reported the press-centre of AK BARS Bank.

Ak Bars is rated Long-term Issuer Default (IDR) 'BB' with a Stable Outlook, Short-term IDR 'B', Individual 'D', Support '3' and National Long-term 'AA-(minus)(rus)' with a Stable Outlook

The RUB5bn five-year and RUB3bn three-year notes both have a put option in April 2010. The bank’s obligations under the notes are ranked at least equally with the claims of other senior unsecured creditors of Ak Bars. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2007, retail deposits accounted for 17% of Ak Bars’ total liabilities, according to the bank’s audited IFRS accounts.

Ak Bars was founded by the Tatarstan government in 1993. It is the largest bank in the Republic of Tatarstan (RT) by assets and was among the 20 largest banks in Russia at end-H108. The bank is controlled by the RT. The bank’s liquidity is underpinned by so far relatively stable funding from RT-related entities and other related-party accounts.