VTB-Leasing Nov 10

Standard & Poors, November 2010

Abstract
Benefits from being a core subsidiary of Russia's second-largest bank, JSC VTB Bank. Funding and capital support from the owner. Strong market position and name recognition in leasing business. Challenging operating environment in Russia. Remaining high credit risks. High single-name and industry leasing concentrations. The ratings on Russia-based VTB-Leasing (VTB-L) reflect the benefits that it derives from being a core subsidiary of JSC VTB Bank (VTB; BBB/Stable/A-3; Russia national scale 'ruAAA'), including a strong likelihood of timely, extraordinary support if required, as well as ongoing funding and capital needs and business flows. The ratings also reflect the company's strong market position and name recognition in leasing. These positive factors are partly offset by the challenging, albeit stabilizing operating environment in...

Companies mentioned in this report are:
- VTB-Leasing
- Russian Federation
- VTB Bank JSC
- VTB Capital S.A.
- Vnesheconombank
- GLOBEXBANK
- VTB-Leasing Finance
- Agency for Housing Mortgage Lending OJSC
- RusNano

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- VTB-Leasing
- Russian Federation
- VTB Bank JSC
- VTB Capital S.A.
- Vnesheconombank
- GLOBEXBANK
- VTB-Leasing Finance
- Agency for Housing Mortgage Lending OJSC
- RusNano

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