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Fitch upgrades Vnesheconombank’s rating

Fitch Ratings international credit rating agency upgraded the long-term issuer default rating for Vnesheconombank from stable to positive, the agency announced on 28 September. Vnesheconombank’s long-term rating was affirmed at ВВВ-. The Bank’s rating and forecast are on a par with the Russia’s sovereign rating.

According to Fitch, the revision reflects Russia’s government’s readiness to support the Bank if required.

“The new Fitch rating matches the rating recently assigned by the Russian rating agency ACRA, evidencing a high level of mutual understanding between the Bank and the Russian government, and of the support Vnesheconombank receives from the state, as well as the confidence the government has in its strategy’s success and the benefit of the changes that are underway. Importantly, the upward forecast revision must have been driven by the approval of the amended Bank for Development Act in the first reading,” said Nikolay Tsekhomsky, Vnesheconombank First Deputy Chairman - Member of the Board.

The agency has also revised its outlook stable to positive on the rating of VEB Leasing, a Vnesheconombank’s subsidiary. The improvement reflects VEB’s stronger ability to support its subsidiary.


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