Fitch rates Bank VTB notes BBB+

Fitch Ratings said it assigned final long-term BBB+ ratings to VTB Capital SA's recent issues of limited recourse notes, including its €1 billion floating rate notes due March 2009 and £300 million 6.332% notes due March 2010.

The notes finance VTB Capital's fiduciary deposits with Deutsche Bank Luxembourg SA for the purpose of financing loans to Bank VTB, the former Vneshtorgbank (rated local- and foreign-currency issuer default ratings BBB+/stable outlook, short-term F2, support 2, individual C/D and national long-term AAA(rus) with a stable outlook). The notes are issued under the bank's loan participation notes program, which is rated long-term BBB+ and short-term F2. Fitch said the program was updated in October 2006, but its main terms remain unchanged.

VTB is Russia's second-largest bank by assets and equity and is currently 99.9% state owned. It is expanding both corporate and retail banking franchises and is developing its international presence, mainly through acquisitions, Fitch said.

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