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On 22 May 2008, Moody’s Investors Service, Inc. (“Moody’s”) issued a Global Credit Research Announcement (the “GCRA”) to indicate that Moody’s will be reviewing potential amendments (to be proposed by Alfa-Bank) to the structure of the DPR Notes/DPR Programme (the “Structural Amendments”). The full text of the GCRA may be found at www.moodys.com.
Alfa-Bank believes that the potential future risk identified by Moody’s in the GCRA is remote and has expressed this view in constructive consultations with Moody’s prior to the issue of the GCRA. Nevertheless, Alfa-Bank intends to work with Moody’s as a priority to agree a set of Structural Amendments to the DPR Notes/DPR Programme to mitigate the potential issue identified by Moody’s and preserve the current Moody’s (Baa3) rating of the DPR Notes. Alfa-Bank then intends to present such Structural Amendments to DPR Noteholders for their consideration and vote at the earliest practical opportunity, with the overall objective of obtaining DPR Noteholders’ consent to the Structural Amendments within the next two months.
It is Alfa-Bank’s understanding that the GCRA does not affect Moody’s assessment of Alfa-Bank’s stand-alone creditworthiness.
Alfa-Bank also notes that on 23 May 2008, Standard & Poor’s affirmed its current investment grade rating (BBB-) of the DPR Notes. The full text of this affirmation may be found at www.standardandpoors.com/ratingsdirect.
