S&P lowers VTB, VTB Capital

S&P said it lowered its long-term issuer credit rating on VTB Bank to BB+ from BBB- and placed the rating on CreditWatch with negative implications. In addition, the agency lowered to BB+ from BBB- the rating on the bank's U.S.-denominated senior unsecured debt and placed it and the B rating on VTB's subordinated debt on CreditWatch negative. S&P suspended the ratings.

The agency downgraded the long-term rating on VTB Capital plc to BB from BB+, placed the ratings on CreditWatch negative and suspended them.

“The Office of Foreign Assets Control's (OFAC's) inclusion of VTB Bank and VTB Capital in its Specially Designated Nationals and Blocked Persons list, could materially affect the entities' operations and financial risk profile. We suspended our ratings on VTB Bank and VTB Capital following the inclusion on the list. We will consider the suspension status and might reinstate the ratings if the OFAC sanctions are lifted, all else being equal,” S&P said in a press release.

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