Fitch rates VTB24 debt BBB+

Fitch Ratings said it assigned a final BBB+ long-term rating to the first issue under VTB-24 Capital plc's $5 billion limited recourse loan participation program.

The proceeds are to be used solely for financing a loan to CJSC Bank VTB24.

The agency said VTB24's ratings (issuer default BBB+/ stable outlook, short-term F2, support 2) are driven by the high probability of support from its majority shareholder, JSC Vneshtorgbank, which in its turn is rated issuer default BBB+ with a stable outlook, short-term F2, individual C/D, support 2.

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