Fitch affirms VTB Capital

Fitch Ratings said it affirmed VTB Capital plc's long-term issuer default rating at BBB- and short-term issuer default rating at F3.

The affirmation reflects the high probability of support expected from its parent, Bank VTB and the Russian authorities in case of need, Fitch said.

Bank VTB owns 95.4% of VTB Capital plc. Any movement in the bank's issuer default rating would likely affect the ratings of its subsidiary, the agency said.

The ratings reflect the bank's modest operating profitability, asset quality concerns, moderate market risk and significant funding concentration, Fitch said.

It also reflects the bank's currently strong capitalization, major organizational and managerial improvements, and relatively strong U.K. regulation, the agency said.

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