Fitch Ratings has assigned Bank VTB’s two issues of senior unsecured exchange bonds, Series BO-03 and BO-04, each for RUR5bn ($171.1mn, or (EURO)129.1mn) long-term local currency ratings of BBB and national long-term ratings of AAA(rus).

Series BO-03 and BO-04 bonds have a maturity date of March 17, 2015, a coupon yield of 8%, and a put option in March 2014.

VTB is Russia’s second-largest bank by assets and equity and is currently 75% state-owned.