Fitch: VEB Leasing bonds BBB

Fitch Ratings said it assigned a final long-term rating of BBB and a final national long-term rating of AAA(rus) to VEB Leasing's issue of 9% fixed-rate RUB 10 billion senior unsecured bonds series 6.

The bonds are amortizing by 20% every year and the last payment will be at end January 2017, Fitch said.

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 core business, the agency said.

VEB Leasing is the leasing arm of Russia's state-owned Vnesheconombank, which directly holds 84.63% stake in the company but solely controls it through its subsidiary VEB-Capital, Fitch said.

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

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