Fitch rates Alliance Bank notes BB-

Fitch Ratings said it assigned ALB Finance BV's €750 million issue of senior unsecured notes due February 2012 a final long-term rating of BB-. The notes have been issued under Kazakhstan's Alliance Bank's $3 billion global medium-term note program, rated long-term BB- and short-term B. The amount of the program, effective Jan. 29, has been extended to $3 billion from $1.5 billion.

Alliance is rated issuer default BB-, short-term B, individual D and support 3. The outlook is stable.

Alliance is controlled by Seimar Alliance Financial Corp. The bank has been growing very rapidly and was the fourth-largest in Kazakhstan by assets as of September 2006. Strategy is focused on retail lending and lending to small- to medium-sized enterprises, Fitch said.

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