OREANDA-NEWS. Fitch Ratings has affirmed and withdrawn VTB Bank (France) S.A.'s (VTBF) ratings including its Long-term Issuer Default Rating (IDR) of 'BBB-' with a Negative Outlook.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).

Fitch has withdrawn VTBF's ratings as the issuer has chosen to stop participating in the rating process.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