Moody's cuts Alfa Bank view to stable

Moody's Investors Service said it has lowered Alfa Bank's outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency deposit and senior unsecured debt ratings (including debt securities guaranteed by Alfa Bank) have been affirmed with their corresponding outlooks changed to stable.

The bank's Not-Prime short-term foreign currency deposit and debt ratings and their outlook remain unchanged.

Moody's noted Alfa Bank's reduced level of dependence on its related parties (Alfa Group Consortium and its shareholders) for funding, as well as its reduced exposure to domestic funding sources by increasing its presence in international capital markets.

However, the bank's customer accounts remained fairly concentrated at the top with the 10 largest names accounting for 44.7% of the total as of year-end 2005.

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