Fitch rates VTB Bank (Ukraine) bonds AAA(ukr)

Fitch Ratings said it assigned expected national long-term ratings of AAA(ukr) to JSC VTB Bank (Ukraine)'s upcoming issues of senior unsecured bonds. The 250 million hryvna series A bonds will have a tenor of one year and a put option after six months. The 250 million hryvna series B bonds will have a tenor of two years and a put option after one year.

The bank's other ratings are long-term foreign-currency issuer default BB-, long-term local-currency issuer default rating BB, short-term foreign-currency issuer default rating B, individual D/E, support 3 and national AAA(ukr).

The long-term issuer default ratings have negative outlooks, and the national rating has a stable outlook.

Under Ukrainian law, the claims of retail depositors rank above those of other senior unsecured creditors, the agency said, and retail deposits accounted for 9% of the bank's total liabilities at the end of June.

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