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Fitch Rates VTB Ukraine's UAH-Denominated Bonds

February 8, 2012

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:

Series I:
Size: UAH250m
Placement: until September 2012
Maturity: March 2013

Series J:
Size: UAH200m
Placement: until October 2012
Maturity: October 2015
Put option: October 2013

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.

  • Status
    redeemed
  • Country of risk
    Ukraine
  • Redemption (put/call option)
    *** (***)
  • Amount
    200,000,000 UAH
  • М/S&P/F
    — / — / —
Company — VTB Bank Ukraine
  • Full name
    Public Joint-Stock Company "VTB Bank"
  • Industry
    Banks