Fitch rates Alfa-Bank eurobond BB-

Fitch Ratings said it assigned Alfa MTN Markets Ltd.'s $500 million 8 1/5% notes due June 2012 a long-term BB-.

Proceeds will be on-lent to Alfa-Bank, rated long-term issuer default BB-, outlook positive, short-term issuer default rating B, support rating floor B and national long-term A+(rus), outlook positive.

The issue was made under the $2 billion euro medium-term note program rated long-term BB- for notes with maturities longer than one year and short-term B for notes with maturities less than a year, Fitch said. Issues under the program are guaranteed by Alfa-Bank and ABH Financial Ltd., the parent company of Alfa Banking Group, of which Alfa-Bank is the main operating entity.

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