Fitch rates Vnesheconombank notes BBB

Fitch Ratings said it assigned long-term ratings of BBB to VEB Finance Ltd.'s $600 million 5.45% fixed series 2 senior loan participation notes due November 2017 and $1 billion 6.8% series 3 senior loan participation notes due November 2025.

The notes are issued under Vnesheconombank's $30 billion loan participation notes program rated BBB/F3.

VEB's ratings reflect the bank's ownership by the Russian government (BBB/positive/F3), the agency said.

The global financial crisis has led VEB to acquire a broader economic and financial stabilization mandate and to participate in the implementation of government anti-crisis measures, the agency noted.

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