Fitch rates Vneshtorgbank notes BB+

Fitch Ratings said it has assigned VTB Capital SA's forthcoming $300 million floating-rate loan participation notes due April 2005 an expected long-term BB+ rating.

Proceeds from the notes will be used to finance a deposit with Deutsche Bank Luxembourg SA for the purpose of financing a loan to Russia's JSC Vneshtorgbank.

The issue is the second under VTB's $2 billion loan participation note program, to which ratings were assigned at long-term BB+ for senior notes with maturities in excess of one year and short-term B for senior notes with maturities of less than one year.

VTB was founded in 1990 and is Russia's second-largest bank by equity and assets (consolidated assets of $8.8 billion at the end of first half 2003).

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