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Fitch Ratings Affirms VTB-Leasing’s Rating at ‘BBB+’; Outlook Stable

December 12, 2007 Сbonds
Fitch Ratings has today affirmed Russia's JSC VTB-Leasing’s (VTB-Leasing) Long-term foreign and local currency Issuer Default ratings (IDR) at 'BBB+' with Stable Outlooks, Short-term foreign and local currency IDRs at 'F2' and Support rating at '2'. The IDRs reflect the support VTB-Leasing is likely to receive, in case of need, from its parent Bank VTB (VTB, rated Long-term foreign and local currency IDRs 'BBB+'/Outlook Stable).

VTB-Leasing is VTB’s leasing arm, providing finance leases to large- and medium-sized corporates. VTB-Leasing is highly integrated within VTB and reliant on its funding and infrastructure support (funding sourced from VTB represents about 65% of total funding).

Ambitious plans to improve its market position saw VTB-Leasing grow rapidly and at end-Q307 its total assets reached USD2.7bn. Notwithstanding the significant growth, the lease portfolio remained highly concentrated by lessee, with the top 20 lessees representing 95% of total leases. No asset quality problems have been recorded to date. Rapid growth resulted in higher leverage and the equity/assets ratio stood at a low 4.1% at end-Q307. Earnings performance is strong, as the company benefits from low funding and credit costs, and good efficiency. VTB-Leasing’s liquidity position remains adequate and supported by credit lines from VTB.
Company — VTB-Leasing
  • Full name
    VTB Leasing
  • Registration country
    Russia
  • Industry
    Financial institutions