Fitch rates ATF Bank bonds BB-

Fitch Ratings said it assigned an expected BB- long-term rating to Kazakhstan-based ATF Bank's upcoming eurobond. The outlook is stable.

The notes will rank at least pari passu with the claims of other unsecured creditors of the bank, save those preferred by relevant legislation. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. Fitch said that at the end of 2005, retail deposits accounted for 8% of ATF Bank's total liabilities.

Covenants prevent ATF Bank from entering into transactions of $3 million or more on other than market terms, restrict dividend payments on common stock to 50% of net income and oblige the bank to maintain a total capital ratio of at least 10%.

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