S&P ups International Industrial Bank to B+, B

Standard & Poor's said it raised its long- and short-term counterparty credit ratings on International Industrial Bank to B+/B from B/C.

The outlook is stable.

The action reflects the bank's positive commercial developments, good financial performance and its willingness to reduce single-party concentrations in funding and related party exposure, S&P said.

The ratings continue to reflect the bank's still-high single-party concentrations on both sides of the balance sheet, involvement in the investment projects of its affiliated company, United Industrial Corp. and still-limited franchise and business diversification, the agency said. These negative factors are offset by the bank's strong capital base, good growth in business, healthy financial performance and efficient cost management, S&P added.

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