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Fitch Assigns JSC VTB Bank (Ukraine)’s Hryvna-denominated Bonds Expected ‘AAA(ukr)’

September 29, 2008
Fitch Ratings has today assigned JSC VTB Bank (Ukraine)’s (VTBU) upcoming two series (A and B) of hryvna-denominated senior unsecured bonds expected National Long-term ratings of 'AAA'(ukr)’ The final ratings of the bonds are contingent on the receipt of final documents materially conforming to information already received.

The expected terms of the issues are as follows:

Series A:
Size UAH250m
Maturity in one year
Put option: after six months

Series B:
Size UAH250m
Maturity in two years
Put option: after one year

The bank's obligations under the issues will rank at least equally with the claims of other senior unsecured creditors of VTBU, except those preferred by relevant legislation. Under Ukrainian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H108, retail deposits accounted for 9% of VTBU's total liabilities, according to the bank's International Financial Reporting Standards preliminary draft accounts.

VTBU’s ratings are Long-term foreign currency Issuer Default (IDR) ‘BB-' (BB minus), Long-term local currency IDR 'BB', Short-term foreign currency IDR 'B', Individual 'D/E', Support '3' and National 'AAA'(ukr)’. Both Long-term IDRs have Negative Outlooks. The National Rating has a Stable Outlook.

VTBU is a medium-sized Ukrainian bank, ranked 12th by assets in the country at end-H108 according to National Bank of Ukraine. More than 99.8% of VTBU is currently owned by JSC Bank VTB (‘BBB+’/Stable).
Company — VTB Bank Ukraine
  • Full name
    Public Joint-Stock Company "VTB Bank"
  • Industry
    Banks