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Fitch (UK) withdraws ratings of the National Iranian Oil Company and two Iranian banks

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Oil Company's (NIOC) Long-term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook and has simultaneously withdrawn the rating.

Iran: Monday, May 05 - 2008 at 10:38
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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 These ratings have also been simultaneously withdrawn.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 www.fitchresearch.com). 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.

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Notes and media contacts

Contact: (Corporates) Andrew Steel, London, Tel: +44 (0) 20 7862 4086; Erwin van Lumich, Barcelona, +34 93 323 8403; (Financial Institutions) Philip Smith, +44 (0) 20 7417 4340; Mark Young, +44 (0) 20 7417 4268.

Media Relations: Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 4364; Hannah Warrington, London, Tel: +44 (0) 207 417 6298.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Posted by Medilyn Manibo, Assistant News Editor
Monday, May 05 - 2008 at 10:38 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

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