Moody's Investor Service upgraded Kazakhstan Temir Zholy Finance B.V.'s senior unsecured debt rating to "А3", rating of the company - to "А3"

/IRBIS, Assel Omarova, June 13, 06/ - On June 12 the international rating agency Moody's Investor Service upgraded rating from "Ваа1" to "А3" of senior unsecured debt instruments of the financial company Kazakhstan Temir Zholy Finance B.V., belonging to Kazakhstan national railway monopoly Kazakhstan Temir Zholy and its subsidiary company Kazzheldortrans. Besides, the agency upgraded rating of the issuer in foreign currency from "Ваа1" to "А3". The outlook of all ratings is "stable". "Upgrading of ratings is connected with recent upgrading of rating of Kazakhstan government bonds in foreign currency and the ceiling of ratings for bonds of the companies of Kazakhstan in foreign currency", - agency's message notes. Original text of Moody's Investor Service's message is given below. MOODY'S UPGRADES KAZAKHSTAN TEMIR ZHOLY FINANCE BV 'S SENIOR UNSECURED DEBT RATING FROM Baa1 TO A3 FOLLOWING UPGRADE OF KAZAKHSTAN'S FOREIGN CURRENCY GOVERNMENT BOND RATING USD 800 million of Long-Term Debt Securities Affected Milan, June 12, 2006 -- Moody's Investors Service has today upgraded the Kazakhstan Temir Zholy Finance B.V' s Senior Unsecured rating from Baa1 to A3, following an earlier decision by Moody's to upgrade Republic of Kazakhstan's foreign currency government bond to Baa2 from Baa3 and, consequently, the long term foreign currency country ceiling for bonds to A2 from Baa1. The outlook on Kazakhstan Temir Zholy Finance B.V' s rating is stable. COMPANY SUMMARY Kazakhstan Temir Zholy Finance B.V is a finance company incorporated in the Netherlands and jointly owned by JSC National Company Kazakhstan Temir Zholy ("KTZ") (0.36%) and by its subsidiary JSC Kazzheldortrans ("KZDT") (99.64%). Based in Astana City, (Kazakhstan), KTZ is both the monopoly operator of the rail network in Kazakhstan, and the country's leading provider of freight services and passenger services. KZDT's main activity is to operate all freight cars of KTZ group. Frankfurt Michael West Managing Director Corporate Finance Group Moody's Deutschland GmbH JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Milan Marco Vetulli Vice President - Senior Analyst Corporate Finance Group Moody's Investors Service JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2006-06-13]