January 10, 2008 |
|Fitch Ratings has today assigned International Industrial Bank’s (“IIB”) issue of 10-year fixed-rate RUB3bn bonds, with a one-year put option, a National Long-term ‘BBB(rus)’ rating. IIB is rated Long-term Issuer Default (IDR) 'B', Short-term IDR 'B', Individual 'D', Support '5', Support Rating Floor ‘No floor’, and National Long-term ‘BBB(rus)’. The Outlooks on both Long-term Issuer Default and National Long-term ratings are Stable. |
The bank’s obligations under the issue will rank at least equally with all its other unsecured and unsubordinated creditors, save those preferred by any bankruptcy, employment, insolvency, liquidation or similar laws of general application. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H107, retail depositors accounted for around 7% of IIB’s non-equity funding, according to the bank’s unaudited management accounts drafted as per IFRS.
At end-Q307, IIB was one of the top 30 Russian banks by total assets. Business is mainly focused on larger corporates. The network is small, with only two branches and five other outlets. IIB is controlled by Sergei Pugachev (76% stake), who also has significant industrial interests in a broad range of sectors, consolidated under the management company, United Industrial Corporation (also known as OPK). Since 2001, Mr. Pugachev has been a member of the upper house of the Russian parliament (Federation Council) from Tyva Republic.
|Status||Country of risk||Maturity (option)||Amount||Issue ratings (M/S&P/F)|
Company: International Industrial Bank
|Full company name|
|Country of risk||Russia|
|Country of registration||Russia|