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Fitch affirms VTB Bank
Fitch Ratings said it affirmed JSC VTB Bank's long-term foreign-currency issuer default rating at BBB-, long-term local-currency issuer default rating at BBB-, short-term issuer default rating at F3 and national rating at AA(kaz).
The outlook is stable.
The ratings are driven by potential support from its sole shareholder, VTB, Fitch said.
The one-notch difference between the ratings of VTB Bank and VTB reflects the cross-border nature of the parent-subsidiary relationship, the agency said.
Fitch said it believes VTB has a strong propensity to support VTB Bank given the strategic importance of the Kazakh market for its regional development, VTB Bank's small relative size and VTB's strong track record of supporting its subsidiaries.
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