Fitch assigns final "BBB" rating to VEB notes
MOSCOW. Feb 21 (Interfax) - Fitch has assigned a final "BBB" rating to a fourth series of 500 million Swiss francs in loan participation notes at 3.75% to be issued by VEB Finance Limited in favor of Vnesheconombank (VEB), the agency said in a press release.
The notes mature in February 2006.
The proceeds will be used solely for financing a loan to VEB, which has a Long-term foreign currency Issuer Default Rating (IDR) of 'BBB' with a Stable Outlook, a Short-term IDR of 'F3' and a Support Rating of '2'.
The notes are issued under Vnesheconombank's (VEB) USD30bn loan participation notes programme, rated 'BBB'/'F3'.
VEB's ratings are driven by a high probability of support from the Russian sovereign ('BBB'/Positive/'F3'), due to its 100% state ownership, its status as a national development bank and its close association with the Russian state.
The global financial crisis led VEB to acquire a broader economic and financial stabilisation mandate and to participate in the implementation of government anti-crisis measures.
