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Fitch: Bank VTB notes BBB
Fitch Ratings said it assigned VTB Capital SA's upcoming seven-year dollar-denominated issue of limited recourse loan participation notes an expected long-term BBB rating.
The proceeds are to be used solely for financing loans to Bank VTB, which has long-term foreign- and local-currency issuer default ratings of BBB, short-term foreign-currency issuer default ratings 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 has a long-term rating of BBB and short-term rating of F3.
The notes will have a put option exercisable if the Russian government ceases to control 50% plus one share in the bank, Fitch said. The Russian government owns 75.5% of Bank VTB, the agency added.
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