International rating agency Fitch Ratings announced the confirmation and withdrawal of the ratings assigned to Russia-based International Industrial Bank (Mezhprombank, IIB). “The ratings were withdrawn, as the liquidation procedure was initiated at the bank after the Moscow Arbitration Court declared IIB bankrupt in December 2010. Fitch no longer rates this issue and does not provide coverage of the bank," the agency said in a press release.
According to the press release, confirmation and withdrawal cover IIB’s long-term issuer default rating (IDR) in the foreign and local currencies (affirmed at D), senior unsecured debt rating ©, recovery rating (RR5), short-term currency IDR (D), individual rating (F), support rating (5), national long-term rating (D(rus)) and domestic senior unsecured debt rating (C(rus)).
As of late June 2010 IIB ranked 30th among Russian banks by aggregate assets. On October 12, 2010 Fitch downgraded IIB’s long-term IDR from RD to D after the bank’s license was revoked and the external administration was appointed.
