Fitch affirms International Industrial Bank

Fitch Ratings said it affirmed International Industrial Bank's ratings at long-term B, short-term B, individual D and support 5. At the same time Fitch has assigned a national long-term rating of BBB-(rus).

The outlooks on the long-term and national long-term ratings are stable.

Fitch said the long-term, short-term and individual ratings reflect the bank's lack of transparency, high levels of related-party lending and customer concentration, as a result of which its franchise is only limited, and its modest performance. The ratings also consider potential political risks arising from the level of business undertaken by the bank with state-related companies, while the present structure of ownership also leaves the bank vulnerable to changes in its owner's fortunes.

However, the ratings also reflect International Industrial Bank's good capitalization and fairly limited market risk.

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