Moody's rates International Industrial Bank notes B1

Moody's Investors Service said it assigned a long-term rating of B1 to the $100 million 9½% loan participation notes due 2009 issued by IIB Luxembourg SA, the proceeds of which were used for the sole purpose of making a loan to International Industrial Bank (IIB) of Russia.

The loan represents a senior unsecured obligation for IIB.

The outlook for the rating is stable.

IIB's existing B1/NP long- and short-term foreign currency deposit ratings and E+ financial strength rating remain unaffected.

The B1 rating for the notes is based primarily on the fundamental ability of IIB, the ultimate obligor in respect of payments under the notes, to make timely payments of interest and ultimate payment of principal on the loan.

Moody's said the rating does not incorporate support from either IIB's shareholder or the Russian financial authorities.

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