Fitch: VTB Bank bonds B+

Fitch Ratings said it assigned PJSC VTB Bank (Ukraine)'s four series of hrynia-denominated senior unsecured bonds totaling UAH 1 billion expected long-term local-currency ratings of B+ with recovery ratings of RR4 and national long-term ratings of AAA(ukr).

The final ratings are contingent on the receipt of final documents materially conforming to information already received.

The series C bond is expected to total UAH 300 million due January 2015 with put options in February 2012, February 2013 and February 2014. The series D bond will total UAH 200 million due January 2015 with put options in June 2012 and June 2013. The series E bonds will total UAH 300 million due January 2015 with put options in June 2012 and June 2013. The series F bonds will be UAH 200 million due January 2015 with put options in January 2013 and January 2014.

The bank's obligations under the issues will rank at least equal to the claims of other senior unsecured creditors of the bank, except those preferred by relevant legislation, Fitch said.

The bank has a long-term foreign-currency issuer default rating of B, long-term local-currency issuer default rating of B+, short-term foreign-currency issuer default rating of B and national rating of AAA(ukr).

The outlook is stable.

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