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Fitch rates VEB bonds BBB
Fitch Ratings said it assigned a BBB long-term rating and an AAA(rus) national long-term rating to OJSC VEB Leasing's RUB 5 billion of 8.8% senior bonds, series 9, which have a tenor of 10 years and a three-year put option.
The agency also assigned a final BBB long-term rating and a final AAA(rus) national long-term rating to the company's RUB 5 billion of 8.8% senior bonds, series 8.
The company has a BBB issuer default rating and stabled outlook.
The proceeds of the new bonds will be used to fund VEB Leasing's core business.
VEB Leasing is the leasing arm of Vnesheconombank (BBB/stable). The ratings reflect Fitch's view of the likelihood of support from the parent if needed.
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