Fitch downgrades Alliance Bank's rating

/REUTERS, Moscow, July 4, 08/ - International Rating Agency Fitch Ratings has downgraded an individual rating of Alliance Bank from "D" to "D/E" and informed that the rating of the other Kazakhstan bank - Temirbank is likely to be revised in the nearest months. At the same time, Fitch affirmed ratings of other Kazakhstan banks. The change of Alliance Bank's individual rating has been explained by Fitch as due to "continual assets quality deterioration, deposits run-off and seriously restricted access to funding". The change of Temirbank`s outlook from "stable" to "changing" means Fitch is about to downgrade the rating if TuranAlem Bank retains a 60 % share in Temirbank, although there is a potential for the rating to be upgraded, even several points, provided TuranAlem sells to a better rated buyer. [2008-07-04]