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Fitch Rates Bank VTB 24's RUB10bn Senior Bond at 'AAA(rus)'

February 14, 2008 | Cbonds

Fitch Ratings-London/Moscow-13 February 2008: Fitch Ratings has today assigned Bank VTB24’s (VTB24) RUB10bn senior bond due February 2013 a National Long-term 'AAA(rus)' rating. VTB24 is rated Long-term Issuer Default (IDR) 'BBB+' with Stable Outlook, Short-term IDR 'F2', Support '2', Individual 'D' and National Long-term 'AAA(rus)' with Stable Outlook.

The terms of the issue provide a yearly put option to bondholders. The bank's obligations under the issue will rank at least equally with the claims of other senior unsecured creditors of VTB24, except those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-9M07, retail deposits accounted for a high 69% of VTB24's total liabilities, according to the bank's International Financial Reporting Standards (IFRS) accounts.

VTB24 is a retail/SME arm of state-owned VTB (rated ‘BBB+’/‘F2’/Outlook Stable), the second-largest bank in Russia. VTB24 is one of the leading providers of retail products in Russia, with a large branch network serving about 2.5 million customers. It is 100%-owned by the VTB group.

Issue: VTB 24, 02

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedRussia02/05/201310,000,000,000 RUBWithdrawn/-/-

Company: VTB 24

Full company nameBank VTB 24 (public joint-stock company)
Country of riskRussia
Country of registrationRussia


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