Fitch revises VTB Insurance's outlook to negative; affirms IFS at 'BBB-'
MOSCOW. Jan 22 (Interfax) - Fitch Ratings has revised the Outlooks for VTB Insurance Limited (Russia)'s (VTBI) 'BBB-' Insurer Financial Strength (IFS) rating and 'AA+(rus)' National IFS rating to Negative from Stable and affirmed the ratings, the agency said in a press release.
The revision of the Outlook on VTBI's IFS ratings follows the affirmation of VTB Bank's Long-term Issuer Default Rating (IDR) at 'BBB' and revision of the Outlook to Negative from Stable.
The affirmation continues to reflect the strategic importance of VTBI to its 100% owner Bank VTB, the integration of VTBI's management, operations and distribution with Bank VTB, and Fitch's view that Bank VTB would provide support to VTBI if necessary.
The ratings may be downgraded if Bank VTB is downgraded, if VTBI's importance to Bank VTB weakens in Fitch's opinion, or if VTBI's regulatory solvency margin falls below 150%.