Fitch rates VTB Capital notes BBB+

Fitch Ratings said it assigned VTB Capital SA's upcoming issue of dollar-denominated limited recourse loan participation notes an expected long-term rating of BBB+. The rating is contingent on final documents.

The proceeds are to be used for financing a loan to Bank VTB, which has long-term foreign-and local-currency issuer default ratings of BBB+, short-term foreign-currency issuer default rating of F2 and national long-term ratings of AAA(rus). The notes are issued under the bank's loan participation notes program, which is rated long-term BBB+ and short-term F2.

The outlook is stable.

The lender's claims in relation to the repayment of the loan will rank at least equally with the claims of other senior unsecured creditors, save those preferred by law.

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