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Jan 15 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has downgraded Russia-based VTB Insurance Limited’s (VTBI) Insurer Financial Strength (IFS) rating to ‘BBB-’ from ‘BBB’ and its National IFS rating to ‘AA+(rus)’ from ‘AAA(rus)'. The Outlook is Stable. The ratings have been withdrawn.
The downgrade of VTBI’s ratings follows the downgrade of parent Bank VTB’s Long-term foreign and local currency Issuer Default Ratings (IDRs) to ‘BBB-’ from ‘BBB’ and its National Long-term rating to ‘AA+(rus)’ from ‘AAA(rus)', with Stable Outlook on 10 January 2014.
Fitch has withdrawn VTBI’s ratings as the company has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for VTBI.