Fitch assigns ICB notes B

Fitch Ratings said it assigned Or-ICB SA's $400 million 6.20% loan participation notes due 2015 with interest rate step-up in 2010 a final long-term B rating.

The notes are to be used solely for financing a subordinated loan to Russia's OJSC Industry & Construction Bank (long-term B+/Rating Watch Positive, short-term B, support 4, individual D).

Fitch added the bank is ultimately controlled by the founders of a financial industrial group known as the Bankers' House St. Petersburg.

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