Fitch rates Bank VTB notes BBB+

Fitch Ratings said it assigned VTB Capital SA's limited recourse $20 billion loan participation notes program long-term BBB+ and short-term F2 ratings. Fitch also assigned an expected long-term BBB+ rating to the upcoming issues of fixed- and floating-rate notes under the program. The ratings are contingent upon receipt of final documents.

The proceeds are to be used solely for financing loans to Russia's Bank VTB, which has long-term foreign- and local-currency issuer default ratings of BBB+, short-term issuer default rating of F2, support rating of 2, individual rating of C/D, national long-term rating of AAA(rus) and support rating floor of BBB+.

The outlook is stable.

VTB Capital will only pay noteholders amounts (principal and interest) received from VTB under the loan agreements, the agency said.

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