MOSCOW (Fitch Ratings) – Fitch ratings has affirmed Kazakhstan-based Subsidiary JSC VTB Bank’s (VTBK) Long-term foreign-currency Issuer Default Rating (IDR) at “BBB-” with a Stable Outlook.

VTBK’s ratings are driven by potential support from its sole shareholder, Russian state-owned bank VTB (“BBB”/ “bb”). The one-notch difference between the Long-term IDRs of VTBK and VTB reflects the cross-border nature of the parent-subsidiary relationship. In Fitch’s view, VTB would have a strong propensity to support VTBK given its ownership, the strategic importance of the Kazakh market for its regional development, VTBK’s very small relative size and VTB’s strong track record of supporting its subsidiaries, including VTBK.