Fitch assigns IIB notes B

Fitch Ratings said it has assigned IIB Luxembourg SA's $200 million of 11% issue of limited recourse notes due in February 2013 a final long-term rating of B and a recovery rating of RR4.

The notes are to be used solely for financing a loan to Russia's International Industrial Bank, which is rated long-term issuer default B, short-term issuer default rating B, individual D, support 5, support rating floor No floor, and national long-term BBB(rus), Fitch added.

The outlooks on both long-term issuer default and national long-term ratings are stable.

Fitch stated that IIB Luxembourg will charge certain of its rights and interests under the loan agreement to BNY Corporate Trustee Services Ltd., London Branch for the benefit of noteholders under the trust deed.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.