Fitch rates Vnesheconombank notes BBB

Fitch Ratings said it assigned VEB Finance Ltd.'s five-year series 4 CHF-denominated senior limited recourse loan participation notes an expected long-term BBB rating.

Proceeds will be used for financing a loan to Vnesheconombank, which is rated long-term foreign-currency issuer default rating BBB with a stable outlook, short-term issuer default rating F3 and support rating 2.

VEB's ratings are driven by a high probability of support from the Russian sovereign (BBB/stable/F3), due to its 100% state ownership, its status as a national development bank and its close association with the Russian state, according to the agency.

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