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Moody's rates Bank VTB bonds Baa1
Moody's Investors Service said it assigned a Baa1 long-term global local-currency debt rating to Bank VTB's senior unsecured debt. The debt includes RUB 5 billion senior unsecured regular bonds due March 15, 2013;
RUB 5 billion senior unsecured regular bonds due March 15, 2013; RUB 10 billion senior unsecured regular bonds due March 15, 2013; RUB 15 billion senior unsecured regular bonds due Oct. 17, 2013; and RUB 15 billion senior unsecured regular bonds due July 6, 2016.
The outlook is stable.
Any subsequent senior debt issuance by VTB will be rated at the same rating level, subject to there being no material change in the bank's overall credit rating, Moody's said.
The rating are in line with VTB's global local-currency deposit rating, which is based on the bank's D- bank financial strength rating and an assessment of a full support probability in the event of need from the bank's controlling shareholder, the Russian government, the agency said.
The ratings are constrained by the potential susceptibility of the bank's business to political decisions, Moody's said, along with balance sheet weaknesses like significant concentrations in loans, weak asset quality and reliance on market sources for funding.
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