Fitch lowers Alliance Bank

Fitch Ratings said it downgraded Kazakhstan's Alliance Bank JSC's long-term issuer default ratings to RD from C and viability rating to f from c.

The downgrades reflect the agency's view that the bank has experienced an uncured default on its senior debt obligations, following the failure to pay a coupon due on March 25.

Fitch understands that Alliance has no plans to make the outstanding payment during the 10-day grace period given the ruling of the financial court of Almaty on March 3. This ruling authorized the restructuring of the bank's debt and ordered suspension of payments on these obligations, the agency said.

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