S&P downgrades VEB-leasing

Standard & Poor's said it lowered the long-term foreign-currency issuer default rating on VEB-leasing OJSC to BBB- from BBB, along with its short-term foreign-currency rating to A-3 from A-2.

The agency also lowered its long-term local-currency rating to BBB from BBB+ and affirmed its A-2 short-term local-currency rating and ruAAA Russia national scale rating.

The outlook remains negative.

The downgrades follow a similar action on VEB-leasing's parent, Vnesheconombank (VEB), which is a government-related entity, S&P said, and a similar downgraded of the Russian Federation.

VEB-leasing is a leader in the Russian market with very strong positions in the leasing of railway, air, waterborne and automotive transport, the agency said.

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