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Fitch Downgrades VTB Insurance to 'BBB-'; Withdraws Ratings

January 15, 2014 | Fitch Ratings

Fitch Ratings has downgraded Russia-based VTB Insurance Limited's (VTBI) Insurer Financial Strength (IFS) rating to 'BBB-' from 'BBB' and its National IFS rating to 'AA+(rus)' from 'AAA(rus)'. The Outlook is Stable. The ratings have been withdrawn.

KEY RATING DRIVERS

The downgrade of VTBI's ratings follows the downgrade of parent Bank VTB's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BBB' and its National Long-term rating to 'AA+(rus)' from 'AAA(rus)', with Stable Outlook on 10 January 2014.

Fitch has withdrawn VTBI's ratings as the company has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for VTBI.

Company: VTB Insurance

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

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