S&P cuts International Industrial Bank to D

Standard & Poor's said it lowered the long- and short-term counterparty credit ratings on International Industrial Bank to D/D from CC/C.

The agency said it downgraded the bank to D because it was unable to pay its 9% senior unsecured loan participation notes that matured on July 6.

The bank also issued a default notice on its $200 million 11.0% loan participation notes due 2013.

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