Fitch rates MDM Bank's subordinated notes B+

Fitch Ratings said it assigned MDM International Funding plc's debut $200 million 9¾%issue of limited recourse loan participation notes due 2011 a final long-term rating of B+.

The notes are to be used solely for financing a subordinated loan to Russia's MDM Bank under a subordinated loan agreement.

MDM is rated issuer default rating BB- with a stable outlook, short-term B, individual C/D and support 4.

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