Fitch Ratings <br>06/02/07 Fitch Assigns Kazakhstan’s Alliance Bank’s EUR750m Eurobond Final 'BB-' Rating

Fitch Ratings
06/02/07 Fitch Assigns Kazakhstan’s Alliance Bank’s EUR750m Eurobond Final 'BB-' Rating

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Fitch Ratings-London/Moscow-6 February 2007: Fitch Ratings has today assigned ALB Finance B.V.'s (“the SPV”) EUR750 million issue of senior unsecured notes due February 2012 a final Long-term rating of 'BB-' (BB minus).

The notes have been issued under the SPV’s and Kazakhstan-based Alliance Bank's (“Alliance”) USD3 billion global medium-term note programme, rated Long-term 'BB-' (BB minus) and Short-term 'B'. Effective from 29 January 2007 the amount of the programme has been extended to USD3bn from USD1.5bn. For more details of the programme's main terms and conditions refer to Fitch's statement dated 30 March 2006.

Alliance is rated Issuer Default 'BB-' (BB minus), Short-term 'B', Individual 'D' and Support '3'. The Outlook on the Issuer Default rating is Stable.

Alliance is controlled by Seimar Alliance Financial Corporation, which is in turn owned by three brothers. The bank has been growing very rapidly and was the fourth-largest in Kazakhstan by assets as of 30 September 2006. Strategy is focused on retail lending and lending to small- to medium-sized enterprises.

Fitch Ratings

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