Fitch gives VEB Finance LPNs BBB

Fitch Ratings said it assigned VEB Finance Ltd.'s series 7 and 8 issues of senior unsecured loan participation notes a BBB long-term rating.

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

The series 7 €1 billion issue carries a 3.035% fixed interest rate and is due February 2018. The series 8 €500 million issue carries a 4.032% fixed interest rate and is due February 2023.

Fitch said VEB's foreign currency issuer default 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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