Fitch: VEB Leasing bonds BBB

Fitch Ratings said it assigned an expected long-term rating of BBB and an expected national long-term rating of AAA(rus) to VEB Leasing's upcoming issue of senior unsecured bonds series 6 with a nominal value of RUB 10 billion.

The company's obligations under the notes will rank equally with the claims on existing senior unsecured debt. The proceeds will be used to fund its core business.

VEB Leasing is the leasing arm of Vnesheconombank, which directly holds 84.63% stake in the company, but solely controls it through its subsidiary VEB Capital.

The ratings reflect a view of the likelihood of support from its parent if needed, Fitch said.

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