Fitch rates NIKoil notes B

Fitch Ratings said it has assigned N-Invest SA's $150 million 9% loan participation notes due 2007, for the ultimate purpose of financing a loan to Russia's NIKoil IBG Bank, a final long-term rating of B.

NIKoil IBG is the commercial banking arm of Financial Corp. NIKoil (rated long-term B), a Russian financial services group ultimately owned by two individuals, including the group's president. Other group activities include retail banking (including through Avtobank, which was acquired in 2002), private banking, investment banking and insurance, although the group's balance sheet is dominated by a 6.8% stake in LUKoil, Russia's largest oil company.

Financial Corp. NIKoil also owns a stake in Ural-Siberian Bank (rated long-term B). Financial Corp. NIKoil already has effective control of the bank at a supervisory board level and is looking increasingly likely to complete the purchase of a majority stake in the bank imminently.

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