Fitch rates Alliance Bank eurobond B+

Fitch Ratings said it has assigned ALB Finance BV's $200 million 9% eurobond due November 2010 a final long-term B+ rating.

ALB Finance BV is a Netherlands-domiciled subsidiary of Kazakhstan's Alliance Bank, which is rated long-term B+, short-term B, individual D and support 4.

The outlook on the long-term rating is stable.

Proceeds from the notes issue will be deposited with Alliance, which has unconditionally and irrevocably guaranteed the timely and full repayment of the notes in the trust deed between Alliance, ALB Finance BV and the trustee, J.P. Morgan Corporate Trustee Services Ltd., Fitch said.

The terms and conditions specify that they will rank at least pari passu with the claims of other unsecured creditors of the issuer and that the obligations of Alliance under the guarantee will rank at least pari passu with claims of other unsecured creditors of Alliance, save those preferred by relevant laws. Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors, Fitch said.

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