Fitch rates Vnesheconombank bonds BBB

Fitch Ratings said it assigned a long-term local-currency rating of BBB to Vnesheconombank's RUB 20 billion senior unsecured exchange bonds series BO-01 due July 2016.

The bonds have a put option in July 2015. The coupon rate of the first two years has been set at 7.65%.

The ratings are driven by a high probability of support from the Russian sovereign 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, Fitch said.

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