TEXT-Fitch rates Vnesheconombank's LPNs 'BBB'

(The following statement was released by the rating agency)

July 12 - Fitch Ratings has assigned VEB Finance Limited's Series 6 issues of senior unsecured loan participation notes (LPN) a Long-term rating of 'BBB'.

The notes are issued under Vnesheconombank's (VEB) USD30bn loan participation notes programme, rated 'BBB'/'F3'. The Series 6 USD1bn issue carries a 6.025% fixed interest rate and is due July 2022.

VEB's foreign -currency Issuer Default Ratings ('BBB'/Stable/'F3') are driven by a high probability of support from the Russian sovereign ('BBB'/Stable/'F3'), due to its sole ownership by the state, its status as a national development bank, the special legal regime, the directed nature of some operations and the significant amount of funding and capital provided by the state.