Fitch Rates VTB Ukraine's UAH-Denominated Bonds
Fitch Ratings has assigned PJSC VTB Bank (Ukraine)'s (VTBU) senior unsecured bonds, including series F for UAH200m, series G for UAH300m and series H for UAH250m, final Long-term local currency ratings of 'B+', Recovery Ratings of 'RR4' and National Long-term ratings of 'AAA(ukr)'.
Fitch has also assigned VTBU's two issues of senior unsecured bonds, series I and J, which are currently being placed, expected ratings of Long-term 'B+ (exp)', Recovery Ratings of 'RR4' and National Long-term ratings of 'AAA(ukr)(exp)'. The expected terms of the issues are as follows:
The bank's obligations under all issues will rank at least equally with the claims of VTBU's other senior unsecured creditors, except those preferred by relevant legislation. Under Ukrainian law, retail depositors' claims rank above those of other senior unsecured creditors. At end-2011, retail deposits accounted for 16% of VTBU's total liabilities, according to the bank's local GAAP accounts.
VTBU's ratings are: Long-term foreign currency Issuer Default Rating (IDR) 'B', Long-term local currency IDR 'B+', Short-term foreign currency IDR 'B', Viability Rating 'ccc', Support Rating '4' and National Rating 'AAA'(ukr)'. The Long-term IDRs and the National Rating have Stable Outlooks.
VTBU ranked seventh by assets in the country at end-2011. The bank's IDRs and National Rating reflect the support it may receive if needed from its majority shareholder, JSC VTB Bank (VTB, 'BBB'/Stable), which holds a stake of more than 99% in VTBU.
Country of riskUkraine
Redemption (put/call option)
М/S&P/F— / — / —
Full namePublic Joint-Stock Company "VTB Bank"