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Fitch (UK) Withdraws Ratings of the National Iranian Oil Company and two Iranian Banks


Fitch Ratings-London-02 May 2008: Fitch Ratings (UK) has today affirmed the National Iranian Oil Company's (NIOC) Long-term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook and has simultaneously withdrawn the rating.


The agency has also affirmed Export Development Bank of Iran's (EDBI) and Bank of Industry and Mine's (BIM) ratings at Long-term IDR 'B+' with a Stable Outlook, Short-term IDR 'B', Individual 'D', Support '4' and Support Rating Floor 'B+'. These ratings have also been simultaneously withdrawn.


This decision follows the recent withdrawal of the ratings for the Islamic Republic of Iran (see "Fitch (UK) Withdraws Iran's Ratings" dated 24 April 2008 on NIOC's ratings were fully aligned with those of the Islamic Republic of Iran due to strong legal, operational and strategic ties. EDBI's and BIM's IDRs were also in line with those of the sovereign, reflecting potential support from the Iranian authorities, in case of need. As both EDBI and BIM are development banks and, as well as NIOC, are wholly-owned by the Iranian government, Fitch is no longer in a position to maintain ratings for these issuers in the absence of the sovereign rating.


Fitch will no longer provide ratings or analytical coverage for these issuers.

... Payvand News - 05/06/08 ... --

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