OREANDA-NEWS. Fitch Ratings has today assigned VTB Capital S.A.'s USD1.75 billion issue of limited recourse floating-rate notes due 1 August 2008 a final Long-term 'BBB+' rating.

The notes are to finance VTB Capital's fiduciary deposits with Deutsche Bank Luxembourg S.A. for the purpose of financing loans to Russia's JSC Vneshtorgbank ("VTB", rated local/foreign currency Issuer Default 'BBB+'/Stable Outlook, Short-term 'F2', Support '2', Individual 'C/D').

The notes are issued under the bank's loan participation notes programme ("LPNP", rated Long-term 'BBB+', Short-term 'F2'). The LPNP was updated in October 2006, but its main terms and conditions remain unchanged (refer to Fitch's statement dated 17 November 2003 for the programme's main terms and conditions).