Fitch rates Vneshtorgbank notes BB+

Fitch Ratings said it assigned VTB Capital SA's planned issue of loan participation notes due 2015 an expected long-term BB+ rating. Receipts from the notes will finance a subordinated loan to JSC Vneshtorgbank.

VTB is rated long-term BBB-, short-term F3, individual C/D and support 2.

The difference between the rating of the notes and VTB's long-term rating reflects Fitch's notching policy for senior and more junior obligations, indicating the higher expected loss for more junior debt instruments.

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