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Fitch Revises VTB Insurance's Outlook to Negative; Affirms IFS at 'BBB-'

January 22, 2013 | Fitch Ratings

Fitch Ratings-London/Moscow-21 January 2013: Fitch Ratings has revised the Outlooks for VTB Insurance Limited (Russia)'s (VTBI) 'BBB-' Insurer Financial Strength (IFS) rating and 'AA+(rus)' National IFS rating to Negative from Stable and affirmed the ratings.
RATING RATIONALE
The revision of the Outlook on VTBI's IFS ratings follows the affirmation of VTB Bank's Long-term Issuer Default Rating (IDR) at 'BBB' and revision of the Outlook to Negative from Stable (see "Fitch Revises Outlook on VTB to Negative, Affirms Sberbank and VEB at 'BBB", dated 16 January 2013 at www.fitchratings.com).
The affirmation continues to reflect the strategic importance of VTBI to its 100% owner Bank VTB, the integration of VTBI's management, operations and distribution with Bank VTB, and Fitch's view that Bank VTB would provide support to VTBI if necessary.
RATING SENSITIVITIES
The ratings may be downgraded if Bank VTB is downgraded, if VTBI's importance to Bank VTB weakens in Fitch's opinion, or if VTBI's regulatory solvency margin falls below 150%.

Company: VTB Insurance

Full company nameLimited liability company «VTB Insurance»
Country of riskRussia
Country of registrationRussia
IndustryFinancial institutions

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