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Fitch rates Bank VTB notes BBB
Fitch Ratings said it assigned VTB Capital SA's upcoming issue of dollar-denominated five-year limited recourse loan participation notes an expected long-term rating of BBB. The rating is contingent on the receipt of final documents.
The proceeds are to be used solely for financing a loan to Bank VTB, rated long-term foreign- and local-currency issuer default ratings of BBB, short-term foreign-currency issuer default rating of F3, national long-term rating of AAA(rus). The outlook is stable. The notes are issued under the bank's loan participation notes program, which is rated long-term BBB and short-term F3.
The lender's claims in relation to the repayment of the loan will rank at least equally with the claims of other senior unsecured creditors, save those preferred by laws, Fitch said.
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