Moody's lowers International Investment Bank

Moody's Investors Service said it downgraded International Investment Bank's long-term local- and foreign-currency deposit ratings to C from Caa1.

Moody's Interfax also downgraded the bank's long-term national scale rating to C.ru from Ba3.ru.

The outlook is stable.

Moody's said the action was triggered by the April 5 withdrawal of the bank's banking licence by the Central Bank of Russia due to its breaching of the federal laws on banking activity, the Central Bank of Russia's regulatory normatives and International Investment Bank's inability to meet its obligations toward its creditors.

The Central Bank of Russia appointed a temporary administration in the bank and is likely to liquidate it, the agency said.

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