Fitch rates International Industrial Bank notes B

Fitch Ratings said it assigned IIB Luxembourg SA's $150 million 9½% senior notes due February 2010 final ratings of long-term B and recovery 4. The issue is to be used solely for financing a loan to International Industrial Bank, rated issuer default B with stable outlook, short-term B, individual D, support 5 and national long-term BBB(rus).

The bank ranked among the top 20 Russian banks by IFRS total assets at the end of the third quarter 2006. It is managed by a trust, beneficially owned by the family of Sergei Pugachev and the bank's senior managers.

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