Fitch gives Alliance Finance bond BB-

Fitch Ratings said it assigned Alliance Finance's recent RUR 3 billion five-year bond issue due June 2012 a long-term rating of BB- and a national long-term rating of A+(rus).

"The ratings reflect the unconditional and irrevocable guarantee of the timely and full repayment of the issue from parent company Alliance Bank," said Alexei Kechko, associate director in Fitch's banking group.

The agency noted that Alliance Finance is a subsidiary of Kazakhstan-based Alliance, which has a long-term issuer default rating of BB- with a stable outlook, a short-term issuer default rating of B, an individual rating of D, a support rating of 3 and a support floor of BB-.

Alliance's guarantee of the notes will rank at least equally with all the bank's present or future unsecured senior obligations, save those preferred by relevant provisions of law and of general application, the agency said.

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