Fitch rates Ak Bars Finance notes B+

Fitch Ratings said it assigned Ak Bars Finance SA's $175 million issue of limited recourse loan participation notes due October 2008 a final long-term B+ rating.

The notes are to be used solely for financing a loan to Russia's Ak Bars Bank, which is rated long-term B+, short-term B, individual D and support 4 and national long-term A-.

The outlooks on both the long-term and the national long-term ratings are stable.

Ak Bars Finance SA, a Luxembourg-domiciled special purpose vehicle, will only pay noteholders principal and interest received from Ak Bars.

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