S&P rates VTB 24 notes BBB+, A-2, BBB

Standard & Poor's said that following the modification of the name of Vneshtorgbank Retail Financial Services to Bank VTB 24, effective Nov. 14, the ratings and outlook on the bank remain unchanged (BBB+/stable/A-2, Russia national-scale ruAAA).

The agency said it considers VTB 24 to be a core subsidiary of Russia's Vneshtorgbank (JSC) (BBB+/stable/A-2), which is transferring all of its Russia-based retail and small and midsize enterprise assets and liabilities to VTB 24, a process that should be completed by year-end 2007.

S&P also said it assigned its preliminary debt ratings to VTB 24s proposed $5 billion loan participation note program, including the long-term senior unsecured notes at BBB+, short-term senior unsecured notes at A-2 and dated subordinated notes at BBB.

"The ratings on these issues reflect the counterparty credit ratings on VTB 24," said S&P credit analyst Eugene Tarzimanov.

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