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Fitch rates Bank VTB loan BBB
Fitch Ratings said it assigned VTB Capital SA's ¥1 billion 2.95% senior limited recourse loan participation notes due Dec. 23, 2013 a final long-term rating of BBB.
The proceeds will be used for financing loans to Russia's Bank VTB, which has long-term foreign- and local-currency issuer default ratings of BBB, short-term foreign-currency issuer default rating of F3 and national long-term rating of AAA(rus).
The outlook is stable.
The notes are issued under the bank's loan participation notes program, which is rated BBB/F3.
The government has announced its intention to reduce its stake in VTB, but plans to retain majority ownership, Fitch said.
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