Fitch rates Vietinbank notes B

Fitch Ratings said it assigned a long-term rating of B and recovery rating of RR4 to Vietnam JSC Bank for Industry and Trade's (Vietinbank) $250 million 8% outstanding senior notes due 2017.

The notes are rated at the same level as Vietinbank's B long-term foreign-currency issuer default rating, which is based on an expectation of extraordinary state support to the bank in the event of need, Fitch said. The bank also has a short-term foreign-currency issuer default rating of B and viability rating of B-.

The notes constitute direct, unsubordinated and senior unsecured obligations of the bank, the agency said, and rank equally with all its other unsecured and unsubordinated obligations.

The proceeds are intended for lending and general corporate purposes, Fitch said.

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