Fitch rates Vnesheconombank notes BBB

Fitch Ratings said it assigned Vnesheconombank's proposed loan participation notes program an expected long-term senior debt rating of BBB, along with a long-term local-currency issuer default rating of BBB, in line with its foreign-currency long-term issuer default rating of BBB.

The outlook is stable.

The bank's ratings are equalized with those of the Russian sovereign, due to its sole ownership by the state, its status as a national development bank and its close association with the Russian state and current government, Fitch said.

The global financial crisis has led the bank to acquire a broader economic and financial stabilization mandate, with its balance sheet being extensively used to implement government anti-crisis measures, the agency said.

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