Fitch rates International Industrial Bank notes B

Fitch Ratings said it assigned an expected long-term rating of B with a recovery rating of RR4 to the $200 million 11% limited-recourse notes due 2013 to be issued by IIB Luxembourg SA in order to finance a loan to International Industrial Bank, which is rated long-term issuer default B, short-term issuer default B, individual D, support 5, support rating floor "No floor" and national long-term BBB(rus).

The outlook is stable.

IIB Luxembourg will only pay noteholders amounts received from the bank under the loan agreement. The claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors except for the claims of retail depositors. The agency said that at the end of the third quarter, retail depositors accounted for around 3% of the bank's non-equity funding.

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