Moody's affirms International Industrial Bank

Moody's Investors Service said it affirmed the existing B1 long-term foreign currency deposit rating, not-prime short-term rating and E+ financial strength rating for International Industrial Bank (IIB) of Russia.

The outlook is stable.

The agency said the ratings reflect IIB's strong franchise in a few industrial sectors of the Russian economy with relatively high entry barriers, its relatively large size as one of the 15 largest banks in the country in terms of total assets, its recently taken steps to improve corporate governance, although a track record of better transparency is yet to be built and the bank's history of strong performance reported under IFRS.

However, the ratings remain constrained by the persistent high levels of concentration on both sides of the balance sheet, signs of potential future asset quality issues and uncertainty with regard to the viability of the bank's newly adopted growth strategy, Moody's said.

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