FITCH ASSIGNS BANK CENTERCREDIT'S EUROBOND EXPECTED 'BB-'RATING

/REUTERS, January 16, 06/ - Fitch Ratings has today assigned CenterCredit International B.V.'s upcoming issue of a Eurobond an expected Long-term BB-' (BB minus) rating. The notes are to be used solely for financing a deposit with Kazakhstan's Bank CenterCredit ("BCC", rated Long-term 'BB-' (BB minus) with Stable Outlook, Short-term 'B', Individual 'D', and Support 3'). CenterCredit International B.V., a Netherlands-domiciled special purpose vehicle (SPV), will only pay noteholders principal and interest received from BCC. In addition, BCC unconditionally and irrevocably guarantees the timely and full repayment of the notes in the trust deed between the bank and the trustee, Deutsche Trustee Company Limited. The final rating is contingent upon receipt of final documentation conforming materially to information already received. The terms and conditions of the notes specify that they will rank at least pari passu with the claims of other unsecured creditors of the issuer and that the obligations of BCC under the guarantee will rank at least pari passu with claims of other unsecured creditors of BCC, save those preferred by relevant (bankruptcy, liquidation etc.) laws. Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors. At end- 9M05, retail deposits accounted for 25% of BCC's total liabilities, according to the bank's unaudited IFRS financial statements. Covenants prevent BCC from entering into transactions of USD7m or more on other than market terms, restrict dividend payments to 50% of net income, and oblige the bank to maintain a total capital ratio of at least 10%, as calculated in accordance with the Basel Committee's recommendations. The terms and conditions of the notes also contain a cross default clause and a negative pledge clause, the latter of which allows for a degree of securitisation by BCC. Should any securitisation be undertaken, Fitch comments that the nature and extent of any overcollateralisation would be assessed by the agency for any potential impact on unsecured creditors. Additionally, noteholders can put the bonds if BCC's rating is withdrawn or downgraded by more than one notch as a result of either a merger or the sale by BCC of all, or a substantial part of, its assets to another entity. BCC is one of the six largest banks in Kazakhstan with assets of KZT258 billion (USD1,926m) as of 30 September 2005, focusing primarily on business with SMEs and retail customers. Contact: Alexei Kechko, James Watson, Moscow, Tel: +7 095 956 9901. Media Relations: Jon Laycock, London, Tel: +44 20 7417 4327. [2006-01-16]