S&P rates VTB-Leasing BBB+/A-2

Standard & Poor's said it assigned its BBB+/A-2 counterparty credit and ruAAA Russia national-scale ratings to VTB-Leasing.

The outlook is stable.

"The ratings on VTBL reflect its core status to its shareholder, Bank VTB (BBB+/stable/A-2), good market position in the leasing business in Russia and strong growth potential and high profitability," said S&P credit analyst Ekaterina Trofimova.

These positive factors are mitigated, however, by VTBL's risky, albeit improving, operating environment, limited customer franchise and business diversification, high concentrations in leasing assets and funding and pressured capitalization, the agency added.

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