Moody's assigned ratings to Nurbank (Kazakhstan)

/REUTERS, NEW-YORK, December 3, 02/ - International rating agency Moody's Investors Service has assigned Kazakhstan Nurbank the financial strength rating "Е+", and also ratings on long-term and short-term deposits in foreign currency "Ва3/NP", says the message of Moody's. Outlook of all ratings changing is stable. "Nurbank is the bank with sufficient capital, goods assets' quality and financial indicators. It is also the eighth, according to the size, bank of Kazakhstan with large market share. These advantages have been taken into account in the ratings on deposits in foreign currency, which are on the level of "Ва3/Non- Prime", - says the message. Below is the text of the message of Moody's in English: (The following statement was released by the rating agency) NEW YORK, Dec 3 - Moody's Investors Service has assigned to Kazakhstani Nurbank an E+ Financial Strength Rating (FSR), and ratings of Ba3/NP for long- and short-term foreign currency deposits. All ratings carry stable outlooks. Nurbank is a well-capitalised bank with good asset quality and financial performance. It is also the eighth-largest bank in Kazakhstan, with a significant market share. These strengths are reflected in the bank's long-term foreign currency deposit ratings, which are placed at Ba3/Non-Prime. These foreign currency deposit ratings have a stable outlook, and also reflect the importance of Nurbank to Kazakhstan's banking system. However, we believe that in case of distress any outside support from both the authorities and the owners would be of limited nature, and its volume and timelines uncertain. This prevents us from placing the deposit rating at the level of the Ba1 country ceiling for such ratings. The Financial Strength Rating (FSR) of E+ (stable outlook) is constrained by the bank's volatile balance sheet and fluctuating deposit base. A rapid growth in lending activities represents a challenge for credit risk management and, if not managed carefully, may also limit the FSR. Any potential credit problems could exert downward pressure on the FSR. A high level of client and industry concentrations on both sides of the balance sheet also represents a limiting factor for any possible upswings in the rating. At the same time we believe that the bank's ratings may receive support as a result of Kazakhstan's improving economic conditions and continuing high international commodity prices, particularly oil. Nurbank is headquartered in Almaty, Kazakhstan, and reported total IAS assets of KZT24.78 billion (US$165 million) as of 30 June 2002. [2002-12-03]