(The following statement was released by the rating agency)
MOSCOW, April 30 (Fitch) Fitch Ratings has affirmed and
withdrawn VTB Bank
(France) S.A.'s (VTBF) ratings including its Long-term Issuer
(IDR) of 'BBB-' with a Negative Outlook. VTBF is a subsidiary of
Bank VTB (unrated).
KEY RATING DRIVERS
Fitch has withdrawn VTBF's ratings as the issuer has chosen to
participating in the rating process. Fitch will no longer
coverage for VTBF.
VTBF's ratings reflect the fact that it is a core subsidiary of
its parent Bank
VTB. Fitch downgraded VTBF's Long-term IDR to 'BBB-' from 'BBB'
on 10 January
2014, reflecting the agency's view of a marginally lower
government support for parent VTB than previously (see 'Fitch
Downgrades VTB to
'BBB-'; Affirms Sberbank and VEB at 'BBB' on
The Outlook revision on 24 March 2014 indicates a possible
weakening of its
parent's ability to support VTBF following the revision of the
Russia's sovereign IDRs to Negative from Stable (see 'Fitch
Revises 15 Russian
Banks' Outlooks to Negative on Sovereign Change' on
The following ratings have been affirmed and withdrawn:
VTB Bank (France) SA.
Long-term foreign currency IDR:'BBB-'; Outlook Negative
Short-term foreign currency IDR: 'F3'
Support Rating: '2'
Senior unsecured debt: 'F3'
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Additional information is available at www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating
Critieria' dated 31
January 2014 are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
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