The credit rating of VTB Factoring, Ltd (hereinafter, VTB Factoring, VTBF, or the Company) is based on the moderately high assessment of the business profile and very low capitalization metrics coupled with a satisfactory assessment of the risk profile and an adequate assessment of funding and liquidity. Taking the above into account, the Company’s standalone creditworthiness assessment (SCA) is set at bbb+. The rating is positively impacted by the high degree of extraordinary support the Company can receive from the group (hereinafter, the Supporting Entity, SE, or the Group) if necessary.
VTB Factoring is a major player in the factoring services market. The ultimate beneficiary of VTBF is one of the largest Russian banks (ACRA credit rating: AAA(RU), outlook Stable).
KEY ASSESSMENT FACTORS
The moderately high business profile assessment (a-) is largely determined by the Company’s current opportunities to grow its business, which are mainly related to the positions held by the Group in the Russian financial services market. The Company has relatively small internal funds, however, its actual development potential is determined by capital allocated by the Group for factoring.
VTB Factoring is one of the five largest representatives of the industry — as of the end of 2025, the Company worked with 366 clients and 379 debtors. VTBF primarily provides non-recourse factoring services, the second most important area of the Company’s activity is agency factoring.
In 2025, the factoring portfolio was declining, reflecting an overall decline in business activity. However, the Company plans to actively expand the portfolio as economic growth resumes.
The business profile assessment is positively influenced by the high quality of corporate governance, which is integrated into the Group’s overall corporate governance system. The SE also carries out strategic planning and exercises strategic control over VTB Factoring’s operations. At the same time, the Company has an independent risk management system and develops IT solutions.
In ACRA’s opinion, membership of a major financial group broadens VTB Factoring’s access to work with major clients and debtors, which has a positive effect on the quality of the portfolio and is taken into account by the Agency when assessing the business profile.
VTB Factoring’s activities are characterized by acceptable client base diversification. Receivables transferred by the largest group of clients as of December 31, 2025 amounted to around 20%, while receivables transferred by the five largest groups amounted to around 60% (as of December 31, 2024 — 15% and 35%, respectively). The industry diversification of the client base is also assessed as acceptable.
ACRA assesses the capital adequacy indicators of VTBF as very low, which is mainly related to the Group’s policy, which allocates capital to the factoring business without investing it directly in VTBF’s own funds.
As of the end of 2025, VTBF’s ratio of capital to assets was 1.9%. At the same time, the short terms of financing provided as part of core activities reduce the Company’s exposure to risks of unexpected losses.
The Agency also notes the Company’s low ability to generate capital (return on assets adjusted for dividend payments). VTBF is consistently profitable, but the Company’s averaged capital generation ratio (ACGR) is just over 50 bps. ACRA assumes the possibility of it falling by the end of the current year.
The satisfactory risk profile assessment takes into account the high credit quality of the factoring portfolio coupled with its high concentration. As of December 31, 2025, the share of receivables overdue for more than 90 days beyond the grace period was less than 3%. According to the Company’s IFRS reporting, the share of Stage 3 receivables was around 3%, while these receivables were almost 80% covered by reserves. The very high share of receivables from the largest debtors in the total volume of receivables has a negative impact on the risk profile assessment.
The concentration of the industry structure of debtors, according to ACRA’s estimates, does not create additional risks for VTBF’s activities (as of June 30, 2024, the largest industry accounted for 60% of the portfolio, while as of December 31, 2024 it accounted for less than 30% of the portfolio).
Other risks that may have a negative impact on the SCA of VTBF have not been identified.
The adequate assessment of liquidity and funding mainly reflect the adequate liquidity position. The current liquidity ratio amounts to around 100% (the maturity of the Company’s assets and liabilities mostly does not exceed 90 days). At the same time, VTBF can extend tranches under concluded agreements to attract funds for a period of up to 365 days. In addition, within the framework of credit lines opened by the Group, the Company has ample opportunities to attract additional liquidity (periods of agreements for open credit lines significantly exceed the periods of both assets and liabilities).
In 2025, the Company slightly adjusted its funding base, replacing some bank loans with funds raised through bond issuance. Bank funding is highly concentrated, but the fact that these liabilities are almost entirely funded by funds raised from the Group mitigates the concentration risk.
High degree of extraordinary support from the SE. ACRA believes it is highly likely that, if necessary, the Supporting Entity will inject capital into the Company and provide the funding necessary to maintain liquidity. The very high assessment of support takes into account the following factors:
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Strong ability of the SE to provide support thanks to high creditworthiness;
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Absence of any barriers to providing support in the form of capital or liquidity, which, among other things, is determined by the relatively low volume of VTBF’s operations compared to the scope of the SE’s operations;
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Complete shareholder, strategic, and operational control over the Company’s operations; VTBF is highly integrated with the SE’s activities;
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The Company’s bankruptcy would lead to significant reputational losses for the SE.
At the same time, ACRA notes that VTB Factoring currently does not account for a major share of the Group’s operating income and its activity is not a factor that considerably influences the SE’s ability to provide support.
KEY ASSUMPTIONS
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The SE maintaining its shareholder and operational control;
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The Company maintaining its current business model over the next 12 to 18 months.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Growth of the Company’s capitalization;
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Lower concentration on the largest debtors;
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Stronger liquidity position;
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The Agency improving the assessment of support for the Company due to its increased importance to the SE.
A negative rating action may be prompted by:
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Deterioration of the quality of the Company’s factoring portfolio;
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Deterioration of the Company’s liquidity position;
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Downgrade of the SE’s credit rating;
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Loss of shareholder control by the Supporting Entity or lower importance of the Company to the SE;
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ACRA having no information about the SE’s propensity to support the Company.
RATING COMPONENTS
SCA: bbb+.
Adjustments: the credit rating has been assigned five notches higher than the SCA taking into account support from the Supporting Entity.
ISSUE RATINGS
No outstanding issues have been rated.
REGULATORY DISCLOSURE
The credit rating has been assigned to VTB Factoring, Ltd based on the following methodologies: the Methodology for Assigning Credit Ratings to Factoring Companies under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of VTB Factoring, Ltd under the national scale for the Russian Federation, Methodology for Assigning Credit Ratings with External Support to determine factors of external influence, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.
The credit rating of VTB Factoring, Ltd assigned under the national scale for the Russian Federation was published by ACRA for the first time on March 25, 2025.
The credit rating and its outlook are expected to be revised within one year.
The credit rating was assigned based on data provided by VTB Factoring, Ltd, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS accounting (financial) statements of VTB Factoring, Ltd as of June 30, 2025.
The credit rating is solicited and VTB Factoring, Ltd participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to VTB Factoring, Ltd during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
