Ratings

Credit ratings are measures of a Borrower`s creditworthiness - its ability to repay money it has borrowed or may borrow in the future. The credit ratings are published by ratings agencies - in our case, Moody`s, Fitch Ratings, Standard & Poor`s - the three leading international rating agencies. Moody`s assigned its first rating to VTB in 1997, Fitch Ratings in 2003 and Standard & Poor`s in 2004. Below you may find an overview of recent VTB`s ratings.

JSC “VTB Bank”	S&P	Moody`s	Fitch
Outlook	Negative	Stable	Stable
Senior unsecured	BBB+	Baa1	BBB
Subordinated	BBB	Baa2	BBB-
LT / ST deposits	-	Baa1 / P-2	-
Issuer LT/ST Credit in both local and foreign	BBB / A-3	-	-
LT/ST issuer default rating (in local and foreign)	-	-	(BBB)/ F3
Senior unsecured bank credit facility	-	A1	-
Financial strength	-	D-	-
National scale rating	ruAAA	-	AAArus
Individual rating	-	-	D
Support rating	-	-	2
Mortgage senior tranche	-	A1	A-

Sovereign	S&P	Moody`s	Fitch
Outlook (in foreign currency)	(Negative)	Stable	Stable
Senior unsecured in foreign currency (in local currency)	-	A2(A1)	-
Russia national scale rating	ruAAA	-	-
LT/ST foreign currency	BBB / A-3	-	BBB / F3
LT/ST local currency	BBB+ / A-2	-	BBB / -
National LT Rating (local currency)	-	-	AAA(rus)
Other ST (local currency)	-	P-2
Country Ceiling	-		BBB+

VTB Group		S&P	Moody`s	Fitch
Outlook	VTB-24	Negative	Stable	Stable
	VTB N-W	-	Stable	Stable
	VTBC	-	Stable	Stable
Subordinated	VTB N-W	-	Baa2	BBB-
LT/ ST bank deposits (bank deposits)	VTB-24	-	Baa1/P-2	-
	VTB N-W	-	Baa1/Prime-2	-
	VTBC	-	(Baa3)/(P-3)	-
LT deposits in local currency	VTB-24	-	Baa1	-
Issuer LT/ ST Credit in local and foreign	VTB-24	BBB / A-3	-	-
LT / ST issuer default rating (in local and foreign)	VTB-24	-	-	(BBB)/ F3
	VTB N-W	-	-	BBB/ F3
	VTBC	-	-	(BBB-)/F3
Senior unsecured	VTB N-W	-	Baa1	BBB
	VTBC	-	-	BBB-
Financial strength	VTB-24	-	D-	-
	VTB N-W	-	D-	-
	VTBC	-	D	-
National scale rating	VTB-24	ruAAA	Aaa.ru	AAArus
	VTB N-W	-	-	Aaaru
Individual	VTB-24	-	-	D
	VTB N-W	-	-	D
	VTBC	-	-	C/D Rating Watch "Negative"
Support rating	VTB-24	-	-	2
	VTB N-W	-	-	2
	VTBC	-	-	2