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Moody's assigns Bank VTB notes A2
Moody's Investors Service said it assigned A2/Prime-1 long and short-term foreign currency senior debt ratings and an A2 subordinated debt rating to the $20 billion program No. 2 for the issuance of loan participation notes through VTB Capital SA on a limited recourse basis for the sole purpose of financing senior unsecured and subordinated loans to Russian Joint Stock Co. Bank VTB.
The outlook is stable.
In addition, Moody's said it has assigned an A2 rating with a stable outlook to two senior unsecured debt issues of $1.2 billion 6.609% series 1 loan participation notes due 2012 and the $800 million floating-rate loan participation notes due 2009.
Moody's said that the A2 long-term foreign currency debt ratings of senior unsecured tranches are constrained by Russia's ceiling for such debt instruments.
Moody's noted that the A2 senior unsecured debt rating is based on VTB's fundamental credit quality and takes account of all relevant country risks.
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