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Moody's places on review repack notes issued by VTB Capital Finance LLC

January 05, 2015 | Cbonds

London, 31 December 2014 -- Moody's Investors Service announced today that it has reviewed the ratings of the following notes issued by VTB Capital Finance LLC:

....Series 01: RUB 1.0 B Interest-Bearing Non-convertible Bearer Untranched Bonds with Index Linked Coupon Secured by Surety due 2015 Notes, Baa3 (sf) Placed Under Review for Downgrade; previously on Oct 24, 2014 Downgraded to Baa3 (sf)

....Series 11: RUB 5.0 B Interest-Bearing Non-convertible Bearer Untranched Bonds with Index Linked Coupon Secured by Surety due 2015 Notes, Baa3 (sf) Placed Under Review for Downgrade; previously on Oct 24, 2014 Downgraded to Baa3 (sf)

....Series 13: RUB 0.5 B Interest-Bearing Non-convertible Bearer Untranched Bonds with Index Linked Coupon Secured by Surety due 2015 Notes, Baa3 (sf) Placed Under Review for Downgrade; previously on Oct 24, 2014 Downgraded to Baa3 (sf)

....Series 15: RUB 1.0 B Interest-Bearing Non-convertible Bearer Untranched Bonds with Index Linked Coupon Secured by Surety due 2015 Notes, Baa3 (sf) Placed Under Review for Downgrade; previously on Oct 24, 2014 Downgraded to Baa3 (sf)

....Series 18: RUB 0.873 B Interest-Bearing Non-convertible Bearer Untranched Bonds with Index Linked Coupon Secured by Surety due in March 2015 Notes, Baa3 (sf) Placed Under Review for Downgrade; previously on Oct 24, 2014 Downgraded to Baa3 (sf)

RATINGS RATIONALE

Moody's explained that the rating action taken today is the result of a rating action on Bank VTB, JSC whose Baa3 rating was placed under review for downgrade on 23rd December 2014. For further information on the underlying action see the press releases titled "Moody's reviews for downgrade ratings of 16 Russian financial institutions" (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_315592).

These transactions represent the repackaging of bonds with a Surety provided by Bank VTB, JSC. The Bonds are issued by the VTB Capital Finance LLC, a non-bankruptcy remote limited liability company duly incorporated and registered as a legal entity in the Russian Federation. The Bonds benefit from an irrevocable, unconditional and validly existing Surety issued by Bank VTB, JSC. Issuer delinquency that triggers claims under the Surety includes non timely payment of either the principal, fixed coupon or variable coupon. Moody's rating also addresses the variable coupon as explained in "Rating Obligations with Variable Promises" published in April 2014.

Moody's expects to conclude this review when the review on Bank VTB, JSC is completed.

Company: VTB Capital Finance

Full company name"VTB Capital Finance" Limited Liability Company
Country of riskRussia
Country of registrationRussia
IndustryFinancial institutions

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