Fitch Affirms and Withdraws Russian VTB North-West's Ratings
March 29, 2011 Fitch Ratings
Fitch Ratings-London/Moscow-28 March 2011: Fitch Ratings has affirmed and simultaneously withdrawn Russia-based JSC Bank VTB North-West's (VTB NW) ratings, including its Long-term Issuer Default Rating (IDR) of 'BBB' with a Stable Outlook. Fitch will no longer provide ratings or analytical coverage of VTB NW. A full list of rating actions is below.
The rating actions follow the completion of VTB NW's merger into its parent, JSC Bank VTB (VTB rated 'BBB'/Stable). As a result, VTB NW in its current form will no longer exist as a separate legal entity.
Obligations with respect to the subordinated debt issued by VTB NW prior to its merger with its parent, have been assumed by VTB. The Long-term rating of this debt is affirmed at 'BBB-'.
The rating actions are as follows:
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook Stable; withdrawn
Short-term foreign currency IDR: affirmed at 'F3' and withdrawn
Individual Rating: affirmed at 'D' and withdrawn
Support Rating: affirmed at '2' and withdrawn
Subordinated debt: affirmed at 'BBB-'
Company — VTB Bank North-West
Full nameVTB Bank North-West