VTB-Leasing Aug 10

Standard & Poors, August 2010

Abstract
Benefits from being a core subsidiary of the second largest bank in Russia, JSC VTB Bank. Funding and capital support from the owner. Strong market position and name recognition in the leasing business. High systemic risks, highlighted by the recent economic downturn. Increased credit risks that are putting pressure on profitability and capitalization. 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/Negative/A-3), which includes Standard & Poor's Ratings Services' view of a strong likelihood of extraordinary support from VTB if required, as well as ongoing funding, capital injections, and business flows. The ratings also reflect VTB-L's strong market position and...

Companies mentioned in this report are:
- VTB-Leasing
- Russian Federation
- VTB Bank JSC
- VTB Capital S.A.
- SME Bank
- Vnesheconombank
- Bank VTB 24
- GLOBEXBANK
- VTB-24 Capital PLC
- 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.
- SME Bank
- Vnesheconombank
- Bank VTB 24
- GLOBEXBANK
- VTB-24 Capital PLC
- VTB-Leasing Finance
- Agency for Housing Mortgage Lending OJSC
- RusNano

Customers who bought this item also bought

• Russia: Vocational Education Market. Analysis and Forecast to 2017
• Transportation & Urban Investment Finance Review 2012/13
• Russia Defence and Security Report Q3 2013
• Russia: Pre-School and Primary Education Market. Analysis and Forecast to 2017
• Analyzing the Russian Aerospace & Defense Industry
• Defense Spending in Russia
• Crises in Russia
• Russia Defence and Security Report Q2 2013
• Homeland Security Market in Russia to 2022: Market Brief
• Future of the Russian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018