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S&P assigns Vnesheconombank bonds BBB
Standard & Poor's said it assigned a BBB rating to the series 4 senior unsecured bonds to be placed via VEB Finance Ltd. by Vnesheconombank, which has foreign-currency ratings of BBB, local-currency ratings of BBB+ and a stable outlook.
The bonds are worth CHF 500 million and form part of VEB's large loan-participation note program, S&P said. The series 4 bond has a five-year maturity and a fixed 3.75% interest rate paid annually.
The ratings are the same as the foreign-currency issuer credit rating on VEB, the agency said.
The ratings on VEB are equalized with those on the Russian Federation, reflecting a view of an almost certain likelihood that the Russian government would provide timely and sufficient extraordinary support if necessary, S&P said.
Risks emanating from directed lending remain a factor that affects VEB's asset quality, the agency added.
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