(The following statement was released by the rating agency)
March 01 - Fitch Ratings has assigned Vnesheconombank’s (VEB) three-year USD500m bonds issue, due 20 February 2015, a final Long-term foreign currency rating of ‘BBB’.
The rate of the first coupon has been set at 3.3%. The bonds have a put option on 21 February 2013.
VEB’s ratings 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.