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Fitch rates Vnesheconombank's loan notes BBB
Fitch Ratings said it assigned VEB Finance Ltd.'s series 5 issues of senior unsecured loan participation notes long-term ratings of BBB. The notes are issued under Vnesheconombank's (BBB/stable/F3) loan participation note program, rated BBB/F3.
Fitch said VEB's ratings are driven by a high probability of support from the Russian sovereign (BBB/stable/F3), due to its sole ownership by the state, its status as a national development bank, the special legal regime, the directed nature of some operations and the significant amount of funding and capital provided by the state.
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