Fitch rates Alfa notes B-

Fitch Ratings said it assigned Alfa Bond Issuance's 10-year limited recourse loan participation notes a final long-term B- rating.

The notes have been issued solely for financing a subordinated loan to Russia's Alfa Bank (long-term B+, short-term B, support 4, individual D).

The agency added the difference between the rating of the notes and Alfa's long-term rating reflects the higher expected loss for subordinated, compared to senior unsecured, instruments.

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