Fitch assigns ICB notes B+

Fitch Ratings said it assigned Or-ICB SA's upcoming issue of fixed-rate loan participation notes an expected long-term B+ rating.

The notes are to be used solely for financing a loan to Russia's Industry and Construction Bank (ICB, long-term foreign currency B+/rating Watch positive, short-term B, support 4, individual D).

Or-ICB claims the loan agreement will rank at least pari passu with the claims of other senior unsecured borrowers, except for those preferred by bankruptcy, insolvency, liquidation or similar laws, the agency said.

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