Fitch Assigns Alliance Bank DPR Series 2006 Notes 'AAA'/'BBB-' Final Ratings

/Fitch Ratings-London, November 14, 06/ - Fitch Ratings has today assigned Alliance DPR Company's issues of Series 2006-A notes a final rating of 'AAA' and Series 2006-B notes a final rating of 'BBB-' (BBB minus). Alliance DPR Company is rated Issuer Default 'BB+'. The diversified payment rights ("DPR") future flow transaction has been originated by Alliance Bank ('BB-' (BB minus)/'B'/Stable Outlook). The 'AAA' rating is based on the 2006-A notes having a full interest and principal guarantee from the Asian Development Bank ('AAA'/'F1+'/Stable Outlook) while the standalone underlying rating of these notes is 'BBB-' (BBB minus). The ratings are based on Fitch's long-established methodology for rating future flow transactions and address performance risk with respect to the generation of sufficient receivables, the mitigation of diversion risk and structural protections available to noteholders. All these factors justify ratings above the bank's Issuer Default rating of 'BB-' (BB minus). In addition, the underlying ratings of both series benefit from a contingent reserve mechanism, which enhances recovery rates and therefore justifies the notes' higher ratings than the 'BB+' Issuer Default rating of Alliance DPR Company. Alliance Bank is the fourth largest bank in Kazakhstan by deposits, and its diversified corporate customer base means that the bank channels a large volume of hard currency inflows into Kazakhstan as a result of export sales. The portion of these flows that are transferred via SWIFT MT-100 type messages constitutes the collateral for this transaction. Fitch's recovery-based approach to future flow transactions was set out in a criteria piece entitled "Rating Future Flow Transaction and Recovery Rates" dated 15 February 2006 and available at www.fitchratings.com. The new issue report is available on the agency's subscriber website, www.fitchresearch.com. Contacts: Wasif Kazi, London, Tel: +44 20 7862 4168; Nick Eisinger, +44 20 7417 4341. Media Relations: Mayra Cunningham, London, Tel: +44 20 7417 3557. [2006-11-14]