S&P withdraws Impexbank ratings at bank's request

MOSCOW, September 11 (RIA Novosti) - International rating agency Standard & Poor's said Monday it has withdrawn all of its ratings on Moscow-based Impexbank at the bank's request following its acquisition by Raiffeisen International Bank.

S&P said in a statement it withdrew Impex's long-term BB+ and short-term B counterparty credit ratings, along with BB+ rating on the bank's outstanding $100 million 9% p.a. loan participation notes, due in 2007.

The withdrawal, which is the result of the bank's acquisition by Raiffeisen International Bank-Holding AG earlier this year, and the forthcoming merger with Russia-based Raiffeisenbank Austria, will not affect Impex's creditworthiness, the statement said.

Established in 1993, Impexbank is ranked by the Central bank of Russia among the country's top 30 banks in terms of assets and equity, and among the top 10 in terms of its retail loans portfolio. Impexbank has branches in 44 Russian regions, and is a participant in the State Deposit Insurance System.

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