Fitch rates MBRD notes B

Fitch Ratings said it assigned Dresdner Bank Aktiengesellschaft's $150 million 8 5/8% issue of limited recourse loan participation notes due March 2008 a final long-term B rating.

The proceeds from the issue will be on lent to Russia's Moscow Bank for Reconstruction and Development (rated long-term foreign currency B, short-term B, support 4 and individual D/E).

The notes include a covenant to keep exposure to any single non-related borrower to no more than 20% of net assets.

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