Fitch: VEB Leasing bonds BBB

Fitch Ratings said it affirmed VEB Leasing's and VTB Leasing's long-term issuer default ratings at BBB.

The outlook is stable.

The agency also assigned VTB Leasing a national long-term rating of AAA(rus), along with a final long-term rating of BBB and national long-term rating of AAA(rus) to VEB's three senior unsecured bonds, series 3, 4 and 5, each with a nominal value of RUB 5 billion.

The series 3 bond has a put option in three years and a coupon rate of 7.5%, while the series 4 and series 5 put options will be available in five years and the coupon rate is 8.6%.

The bonds will have an expected maturity of 10 years.

VEB Leasing's obligations under the notes will rank equally with the claims of its existing senior unsecured debt, Fitch said.

The ratings reflect a view of the likelihood of support from their respective parents, state-owned banks VTB Bank and Vnesheconombank if needed, the agency said.

This view is based on the companies' ownership structures, high level of integration with their parents and their still small size relative to their parents' balance sheets, Fitch said.

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