Fitch Ratings has weighed in on an upcoming credit card-backed transaction from Russia's Rosbank, rating the expected US$150 million, five-year deal B+'. Joint leads Merrill Lynch and Credit Suisse First Boston were roadshowing the notes last week.

The transaction is merely a single rung above the corporate's long-term foreign currency rating of B'. That illustrates Fitch's approach to banking deals in countries that lack a history of government willingness to prop up faltering banks.

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