Fitch rates ALB Finance notes B+

Fitch Ratings said it has assigned ALB Finance BV's upcoming issue of notes an expected long-term B+ rating.

The notes are to be used solely for financing a deposit with Kazakhstan's Alliance Bank, which is rated long-term B+, short-term B, individual D and support 4.

The outlook on the long-term rating is stable.

Fitch said the terms and conditions of the notes specify that they will rank at least pari passu with the claims of other unsecured creditors of the issuer and that the obligations of Alliance under the guarantee will rank at least pari passu with claims of other unsecured creditors of Alliance, save those preferred by relevant (bankruptcy, liquidation etc.) laws.

Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors, Fitch said.

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