Fitch rates Bank Nadra notes B-

Fitch Ratings said it assigned Dresdner Bank AG's $100 million 9½% limited recourse loan participation notes due November 2008 a final long-term B- rating. The notes are to be used solely for financing a loan to Ukrainian OJSC Bank Nadra (long-term B-/stable, short-term B, support 5, individual D/E) under a loan agreement.

The bank has a broad corporate and retail franchise, supported by a nationwide branch network, Fitch said. Nadra has six individual ultimate shareholders, who do not jointly own significant assets aside of the bank, Fitch said.

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