MOSCOW, September 29 (RIA Novosti) - Fitch Ratings, the international rating agency, has assigned a Long-term 'B' rating to a subordinated loan of Or-ICB S.A., a Luxembourg-based special purpose vehicle of Russia's OJSC Industry & Construction Bank (ICB), the company's press release said Thursday.
The $400 million 6.2% loan, due 2015 with an interest rate increase in 2010, is to be used solely for financing a subordinated loan to ICB, the document said.
ICB is the leading privately-owned bank in northwestern Russia and also one of the top 10 banks in the country with total assets of $3.6 billion, net loans of $1.9 billion, and shareholders equity of $0.3 billion in 2004, the statement said.
In March 2005, Vneshtorgbank, Russia's foreign trade bank rated Long-term 'BBB,' acquired a 25% plus 1 share in the bank and an option to purchase a further 51% minus 1 share.
