Fitch Ratings assigned Alliance DPR Company's issue of Series 2007A notes a rating of 'BBB-', Stable Outlook

29.06.07 15:03
/Fitch Ratings, June 28, 07, title by IRBIS/ - Fitch Ratings has assigned Alliance DPR Company's issue of Series 2007A notes a rating of 'BBB-' (BBB minus), Stable Outlook. At the same time Fitch has affirmed the ratings on Series 2006-A at 'AAA' and on Series 2006-B at 'BBB-' (BBB minus), all with Stable Outlook. Alliance DPR Company is rated Issuer Default 'BB+'. The diversified payment rights ("DPR") future flow transaction is originated by Alliance Bank ('BB-' (BB minus)/'B'/Stable Outlook). The DPR programme was set up in November 2006 at which time the first series was issued by Alliance DPR Company. This is the second issue out of this programme in an amount of USD75m. The Series 2007A will have an interest-only period until August 2009 after which the amortisation will start. The final payment date under this series will be in May 2015. Fitch has modelled the impact of this new issuance to the programme and found that the triggers in place would not be breached based on the USD income reported in the past months. As such the issue conditions are fulfilled and the ratings on Series 2006-A, guaranteed by the Asian Development Bank ('AAA'/'F1+'/ Stable Outlook), and Series 2006-B are affirmed. The agency notes that the USD inflows into Kazakhstan are based on the current healthy economic environment as well as increasing export activity. Additionally foreign investments by Kazakhstani entities add to the inflow of foreign currency. The banking sector within Kazakhstan has shown rapid lending growth. Alliance Bank plays an active role in this development and has since the close of the programme last year become the third-largest bank within Kazakhstan. This was accompanied by an increase in capital of USD240m equivalent in Alliance Bank in Q107. For this transaction Fitch applies its future flow criteria laid down in its publication entitled "Rating Future Flow Transaction and Recovery Rates" dated 15 February 2006 and available at The new issue report is available on the agency's subscriber website, Contacts: Michael Hoelter, Frankfurt, Tel: +49 69 768076 236; Diana Turner, London, +44 207 417 6282. Contacts for press: Julian Dennison, London, Tel: +44 20 7862 4080; Christian Giesen, Frankfurt, Tel: + 49 (0) 69 7680 762 32. [2007-06-29]