Confrontation Fitch rating agency and VTB coming to an end: the agency withdraws its ratings of the State Bank and its subsidiaries, as urged by the group. Before the withdrawal of ratings were affirmed at the very very low, according to VTB's view, the level of which the conflict began.

International rating agency Fitch announced that affirmed and withdrawn the ratings of VTB Bank and its three subsidiaries - Bank VTB 24, Bank of Moscow and "VTB Leasing". In particular, before the withdrawal of long-term issuer default rating of VTB was confirmed at BBB-. Fitch reported that the withdrawn the ratings of VTB 24, Bank of Moscow and "VTB Leasing" in connection with the Issuer's refusal to participate in the rating process. Ratings VTB withdrawn due to the absence of contractual relations bank with the agency.

The absence of such a relationship did not prevent Fitch January 12 to lower the rating of VTB and its subsidiaries by one notch to BBB-. The state bank did not agree with this rating action, pointing out that with the end of 2012 do not support the contractual relationship with Fitch, and do not give him inside information, and some PUBpersonal data is not enough for an objective assessment. In Fitch said that VTB continues to evaluate for free, on their own initiative by virtue of the systemic importance of the second largest bank in the country. The downgrade reflects Fitch's view "of a somewhat lower probability of support from the State Bank." The day after this rating action, in its review of VTB 24 analysts named it among the main events of the banking market.

Fitch's refusal to withdraw its voluntary rating provoked a media war between the Agency and the State Bank, which was pretty fierce, but short. January 14 it became known that the VTB subsidiaries structure in which, in contrast to the parent bank, still existed a contractual relationship with Fitch's, began to dissolve them.

«Fitch Ratings has taken the Russian office of unprofessional attitude, assigning the rating of VTB Group companies on the basis of assumptions that do not correspond to reality - then said the deputy chairman of the board of VTB Herbert Moos.- We took the logical decision - to refuse to work with Fitch Ratings in the framework of VTB Group." PAfter this process is developed in a given line - Fitch, for example, lowered the rating of "VTB Insurance" to the level of BBB- and withdrew it at the request of the company itself. "We are confident in the reliability and transparency of our ratings, - stated in this regard in the Moscow office of Fitch Ratings.- We are sorry that the VTB Group has decided to terminate the contractual relationship with us. Unfortunately, this is the price, which is sometimes obliged to pay the rating agencies when issuers do not agree with its rating level. "

January 16 Herbert Moos said that VTB will appeal to the head office of Fitch c complaint against the actions of the Russian units that are "reminiscent of a blackmail of the issuer." On whether the conversation took place representatives of global and VTB Fitch and what was its outcome, it has been reported.