Fitch: Alliance Oil bonds B

Fitch Ratings said it assigned OJSC Alliance Oil Co.'s RUB 5 billion domestic bonds an expected local-currency senior unsecured rating of B with an expected recovery rating of RR4 and an expected national senior unsecured rating of BBB(rus).

The company has long-term foreign- and local-currency issuer default ratings of B, short-term foreign- and local-currency issuer default ratings of B and national long-term rating of BBB(rus).

The outlook is stable.

The ratings are contingent upon the receipt of final documents.

The proposed bonds will represent a senior unsecured obligation of Alliance Oil and will be guaranteed by Alliance Oil Co. Ltd., Fitch said.

The agency noted that a cross-default provision in the draft bond documents relates to other capital market instruments, including Alliance Oil's outstanding senior unsecured bonds and existing loans.

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