Fitch rates Vneshtorgbank BB+

Fitch assigned a BB+ long-term rating to Vneshtorgbank. The outlook is stable.

Fitch said the ratings reflect Vneshtorgbank solid capitalization, good profitability and much improved asset quality. Additionally, the ratings reflect the importance of Vneshtorgbank to the Russian banking system, where it is still widely perceived as the "international face" of Russian banking.

Vneshtorgbank is in the early stages of a partial privatization, but is likely to remain majority state-owned until at least 2008.

In light of Vneshtorgbank's importance to the Russian banking system and the bank's ownership by the Russian government, Fitch believes that there would exist a strong propensity on the part of the government to support Vneshtorgbank, should it run into financial difficulty.

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