OREANDA-NEWS. Standard & Poor's Ratings Services said today that it assigned its preliminary debt ratings to Russia-based Bank VTB 24's (BBB+/Stable/A-2; Russia national scale 'ruAAA') proposed $5 billion loan participation note (LPN) program.

The notes will be issued by, but with limited recourse to, a 100%-owned special-purpose vehicle-- VTB-24 Capital PLC-for the purpose of financing loans to VTB 24.
 
The proposed program will be rated by Standard & Poor's as follows, depending on the type of issue:
     -- Long-term senior unsecured notes: 'BBB+'
     -- Short-term senior unsecured notes: 'A-2'
     -- Dated subordinated notes: 'BBB'