Fitch upgrades VTB

Fitch Ratings said it upgraded VTB Capital plc's long-term foreign-currency issuer default rating to BBB from BBB- and affirmed its short-term foreign-currency issuer default rating at F3, support rating at 2 and individual rating at D.

The outlook is stable.

The agency said the upgrade equalizes the bank's issuer default rating with that of its parent, Bank VTB (JSC) (BBB/stable), to reflect its increasing integration in Bank VTB's consolidated group. Fitch also noted the relatively small size of the subsidiary's balance sheet relative to that of the parent, making it easier to provide support in case of need.

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