OREANDA-NEWS. National Rating Agency (NRA) has affirmed its national scale 'AA' credit rating on VTB Infrastructure Investments LLC (VTB II).

The rating reflects VTB II' affiliation and close operational integration with a strong financial group, which is highly supportive. NRA viewspositively the company's transparent ownership structure, the absence of external (non-group) debt, consistent revenue generation , high level of information disclosure, strong corporate governance practices and high operational standards, characteristic of the VTB Group as a whole. The company's infrastructure projects and their investment potential are assessed positively, while the project-related risks are viewed as manageable, despite the challenging macroeconomic and geopolitical environment.

The rating is constrained by risks, such as the company's reliance on return generated by its investment portfolio, and the portfolio's high concentration.