Fitch rates JSC-VTB-Leasing IDR BBB

Fitch Ratings said it has assigned Russia's JSC VTB-Leasing an issuer default rating of BBB with a stable outlook, a short-term rating of F3 and a support rating of 2.

Fitch said the IDR reflects the support VTB-Leasing is likely to receive, in case of need, from its parent Vneshtorgbank.

VTB-Leasing is highly integrated within VTB, for which it is effectively its leasing arm. Much of its business is referred to it by VTB and it carries its parent's name. VTB-Leasing is integrated within VTB's budgeting and risk management processes and to date, VTB has been its sole source of funds, the ratings agency noted.

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