OREANDA-NEWS. Fitch Ratings has today assigned JSC VTB Bank (Georgia) ("VTB Georgia") ratings of Issuer Default ("IDR") 'B' with a Stable Outlook, Short-term 'B', Individual 'D/E' and Support '4'.

The bank's IDR, Short-term and Support ratings are underpinned by possible support from the bank's majority shareholder JSC Vneshtorgbank ("VTB"; IDR 'BBB+' Outlook Stable), Russia's second-largest and state-controlled bank. In Fitch's opinion, VTB would have a strong propensity to support the bank, given its 53% ownership, shared brand and VTB Georgia's small size (accounting for less then 1% of consolidated end-Q306 IFRS equity).

However, potential Georgian country risks limit the extent to which this support can be factored into the ratings.