S&P lowers VTB Bank debt

Standard & Poor's said it corrected an error by lowering to BBB- from BBB the long-term foreign-currency ratings on three senior unsecured debts issued by JSC VTB Bank through its special-purpose vehicle, VTB Capital SA.

According to the agency's rating criteria, this senior unsecured debt should be rated at the same level as VTB Bank.

However, due to an administrative error, S&P said it did not lower these debt ratings when it downgraded the bank to BBB- from BBB in April.

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