April 30, 2014 / 5:17 PM / 3 years ago

Fitch Affirms VTB Bank France's 'BBB-'; Withdraws Ratings

(The following statement was released by the rating agency) MOSCOW, April 30 (Fitch) Fitch Ratings has affirmed and withdrawn VTB Bank (France) S.A.'s (VTBF) ratings including its Long-term Issuer Default Rating (IDR) of 'BBB-' with a Negative Outlook. VTBF is a subsidiary of Russia's JSC Bank VTB (unrated). KEY RATING DRIVERS Fitch has withdrawn VTBF's ratings as the issuer has chosen to stop participating in the rating process. Fitch will no longer provide ratings 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 probability of government support for parent VTB than previously (see 'Fitch Downgrades VTB to 'BBB-'; Affirms Sberbank and VEB at 'BBB' on www.fitchratings.com). The Outlook revision on 24 March 2014 indicates a possible weakening of its parent's ability to support VTBF following the revision of the Outlook on Russia's sovereign IDRs to Negative from Stable (see 'Fitch Revises 15 Russian Banks' Outlooks to Negative on Sovereign Change' on www.fitchratings.com). The following ratings have been affirmed and withdrawn: VTB Bank (France) SA.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' Contact: Primary Analyst Alexander Danilov Senior Director +7 495 956 24 08 Fitch Ratings Moscow Valovaya Str, 26?Moscow Evgeny Konovalov Associate Director +7 495 956 99 32 Committee Chairperson James Watson Managing Director +7 495 956 66 57 Media Relations: Anna Bykova, Moscow, Tel: +7 495 956 9901, Email: Anna.Bykova@fitchratings.com; Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. 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 here Additional Disclosure Solicitation Status null/gws/en/disclosure/solicitation?pr_id=828335 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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