Fitch Ratings appointed the future issue of eurobonds of HSBK (Europe) B.V. with the expected rating "BB+"

/Fitch Ratings, April 18, 07, title by KASE/ - Today Fitch Ratings appointed the future issue of unsecured priority dollar bonds of HSBK (Europe) B.V. the expected long-term rating "BB+". The final rating will be appointed after receiving the final documents on issue, which must correspond the earlier received information. Inpayments from issue of eurobonds will be placed on the deposit in Halyk bank of Kazakhstan JSC (Halyk bank). Halyk bank will provide the termless and irrevocable guarantee of conduction the timely and full payments on eurobonds, according to trust agreement between Halyk bank, HSBK (Europe) B.V. and trust (Deutsche Trustee Company Limited). HSBK (Europe) B.V. - the daughter company of Halyk bank, registered in Netherlands. Halyk bank has the ext ratings: rating of default of issuer (RDI) in foreign currency "BB+", RDI in national currency "BBB-" (BBB minus), short term rating in foreign currency "B", short term rating in national currency "F3", individual rating "C/D" and rating of support "3". Forecast of RDI of the bank in foreign currency - "Positive", and on RDI in national currency - "Stable". Liabilities of Halyk bank on the guarantee will be considered equal according to queue of execution to requirements of other unsecured and non- subordinated creditors of Halyk bank, excluding the cases, determined by corresponding legislation (about bankruptcy, liquidation and so on). According to Kazakhstan legislation the requirements of depositors - physical entities have the advantage before other priority unsecured requirements of creditors. As of end of December 2006, deposits of physical entities made about 24% joint liabilities of Halyk bank according to the audited report by ISFR. Covenants are limiting the payment of dividends by Halyk bank on common shares at the level of 50% from net income per year. Excvept this, according to covenants all deals amounting more than $5 m. must be made on market conditions. According to emission is foreseen the situation about cross non- execution of liabilities, which takes an effect if the joint size of overdue financial debt or unexecuted guarantee on the main sum of debt will exceed $10 m. Halyk bank commits itself to provide that the coefficient of adequacy of general capital, calculated according to applicable national requirements, would not fall lower than the minimal value at 10% in accordance with such requirements. Halyk bank preserves the leading positions by the size of retail clients' base and subsidiaries' network. As of end of January 2007 the bank had taken the fifth place according to size of assets: on its stake had come 10% of banking system assets. At the same time this stake decreases gradually due to more aggressive growth of middle size banks. After conduction of IPO in December 2006, the institutional and individual investors own with 29% of bank's shares. Almex Group, beneficiary owners of which are daughter and son-in-low of president of Kazakhstan Nursultan Nazarbayev, preserves after itself the shareholding of bank in size of 64%. Contacts: Dmitriy Angarov, James Watson, Moscow, tel.: +7 495 956 9901 Contacts for media: Alla Izmaylova, Moscow, tel.: + 7 495 956 9901/9903, alla.izmailova@fitchratings.com [2007-04-19]