(The following statement was released by the rating agency)
March 14 - Fitch Ratings has assigned Vnesheconombank’s (VEB) RUB15bn senior unsecured bonds, due in February 2032, a final Long-term local currency rating of ‘BBB’.
The bonds have a put option in March 2015. The coupon rate for the first three years has been set at 8.4%.
VEB’s ratings are driven by a high probability of support from the Russian sovereign (‘BBB’/Stable/‘F3’), due to its sole ownership by the state, its status as a national development bank, the special legal regime, the directed nature of some operations and the significant amount of funding and capital provided by the state.