It has also assigned an expected Long-term 'BB-' (BB minus) rating to the upcoming debut three-year issue under the program, the agency said.
The notes under the program are guaranteed by Renaissance Capital Holdings Limited. The final ratings are contingent upon receipt of final documentation conforming materially to information already received, the agency said.
The agency said issuance under the program would be rated separately. The program provides for the issuance of secured or structured (e.g. index-linked) notes, whose ratings may differ from those assigned to non-structured unsecured notes.
The Renaissance group was founded in 1995 and is now a leading investment-banking group on the Russian and Ukrainian markets.
