Fitch rates Industry & Construction Bank notes B

Fitch Ratings said it assigned Or-ICB SA's upcoming issue of $200 million loan participation notes with an expected maturity of 10 years an expected long-term B rating. The notes are to be used solely for financing a subordinated loan to Russia's OJSC Industry & Construction Bank (ICB: rated long-term foreign currency B+/Rating Watch positive, short-term B, support 4, individual D).

Or-ICB SA, a Luxembourg-domiciled special purpose vehicle, will only pay noteholders principal and interest received from ICB.

ICB is the leading privately owned bank in the North-west of Russia, with an extensive branch network, and also one of the top 10 banks in the country with total assets of $3.6 billion, net loans of $1.9 billion and shareholders equity of $0.3 billion at end-2004. The bank is ultimately controlled by the founders of a financial industrial group known as the Bankers' House St. Petersburg.

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