Fitch Rates Upcoming senior unsecured bonds to JSC VTB Bank (Kazakhstan) rating of BBB-

/IRBIS, November 24, 2010/ - Fitch Ratings has assigned an upcoming issue of senior unsecured bonds to JSC VTB Bank (Kazakhstan) ("VTBK") for $15 bln long-term local currency rating to "BBB-" and the national long-term rating of "AA(kaz), indicated to Fitch on Nov. 23. The issuance of bonds has a fixed rate of 7% and a maturity of four years. As indicated, VTBK obligations on the bonds will be equal in order of execution of other senior unsecured creditors of the bank, except for claims of depositors, individuals who are on Kazakh law have a higher priority than other senior unsecured creditors. At the end of the third quarter of 2010, retail deposits funded only 2.3% of total assets, while the ratio of equity to assets was high at 85.4%. VTBK has the following ratings: long-term issuer default ratings (IDR) in foreign currency and local currency "BBB-"/Stable, Short-term foreign currency IDR "F3", support rating "2" and National Long-term rating of "AA (kaz)"/"Stable" outlook. VTBK is 100 per cent owned Russian Bank VTB ("BBB"/stable outlook). Subsidiary bank began banking activities in May 2009. VTBK plans to position itself as a universal bank, with its focus on segments of enterprise customers and small / medium businesses, providing traditional banking services and credit line trade finance to clients in the areas of trade/service. [2010-11-24]