Fitch rates International Industrial Bank bond B

Fitch Ratings said it assigned IIB Luxembourg SA's upcoming issue of euro-denominated limited recourse notes expected ratings of long-term B and recovery RR4.

The notes will be used to finance a loan to International Industrial Bank, which is rated issuer default B, short-term B, individual D and national long-term BBB(rus).

The outlook is stable.

The claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of the bank, save those preferred by relevant laws. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. The agency said that at the end of 2006, retail deposits accounted for roughly 7% of the bank's total liabilities.

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