Fitch affirms Alfa Bank

Fitch Ratings affirmed the long-term foreign currency rating of Russia's Alfa Bank at B+ with a stable outlook, its short-term rating at B, its individual rating at D and its support rating at 4.

Fitch said unsubstantiated rumors concerning its financial standing have resulted in Alfa Bank experiencing an outflow of retail deposits of $70 million from its Moscow branches this week. Alfa remains open for business and is making settlements and payments as contracted.

Fitch understands that the bank's corporate funding base has remained relatively stable.

In addition, Alfa's shareholders have injected liquidity into the bank and have publicly stated that they are prepared, if needed, to make their "sizeable resources and assets" available to the bank to enable it to meet its obligations in full.

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