OREANDA-NEWS. Fitch Ratings has today assigned IIB Luxembourg S.A.'s USD150m 9.5% senior notes due February 2010 final ratings of Long-term 'B' and Recovery 'RR4'.

The issue is to be used solely for financing a loan to Russia-based International Industrial bank ("IIB"), rated Issuer Default 'B' with a Stable Outlook, Short-term 'B', Individual 'D', Support '5' and National Long-term 'BBB(rus)' with a Sable Outlook.

IIB ranked among the top 20 Russian banks by IFRS total assets at end-Q306. IIB is managed by a trust, beneficially owned by the family of Sergei Pugachev (72%) and the bank's senior managers (with the largest individual stake at 6%).