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Fitch rates Vietinbank's senior notes 'B/RR4'
Fitch Ratings has assigned Vietnam Joint-Stock Commercial Bank for Industry and Trade's (Vietinbank - Code : CTG) USD250m 8% outstanding senior notes due 2017 a Long-Term 'B' Rating and a Recovery Rating of 'RR4'. A full rating breakdown is provided below.
The notes are rated at the same level as Vietinbank's 'B' Long-Term Foreign-Currency Issuer Default Rating, which is based on Fitch's expectation of extraordinary state support to the bank in the event of need. The notes constitute direct, unsubordinated and senior unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations.
In line with Fitch's criteria, Recovery Ratings are assigned to those companies with an IDR of 'B+' or below.
The proceeds from the notes are intended for lending and general corporate purposes.
At end-2011, Vietinbank was the second-largest bank in Vietnam with audited total assets of VND461 trn.
Full list of ratings:
- Long-Term Foreign-Currency IDR at 'B'; Outlook Stable
- Short-Term Foreign-Currency IDR at 'B'
- Viability Rating at 'b-'
- Support Rating Floor at 'B'
- Support Rating at '4'
- USD250m 8% notes due 2017 assigned at 'B'; Recovery Rating assigned at 'RR4'
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