Fitch affirms Alfa Bank's ratings - London, UK
08 Jul 2004
Fitch Ratings, the international rating agency, has today affirmed the Long-term foreign currency rating of Alfa Bank at "B+", with a Stable Outlook, its Short-term rating at "B", its Individual rating at "D" and its Support rating at "4".
According to Fitch, unsubstantiated rumours concerning Alfa Bank's financial standing have resulted in Alfa Bank experiencing an outflow of retail deposits of about USD 70 million from its Moscow branches this week. Alfa Bank remains open for business, even extending branch opening hours, and is making settlements and payments as contracted. Fitch understands that the bank's corporate funding base has remained relatively stable.
In addition, Alfa Bank's shareholders have injected liquidity into the bank and have publicly stated that they are prepared, if needed, to make their "sizeable resources and assets" available to the bank to enable it to meet its obligations in full. Fitch believes that Alfa Bank's liquidity is being maintained at a level that is consistent with its ratings.
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