/KASE, July 18, 07/ - Nurbank JSC (Almaty), securities of which are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, has provided KASE with a press-release saying:

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In the report of Standard&Poor's the international rating agency, which was published last week, there is affirmation of Nurbank's current ratings: long- term rating - "B", short-term - "С", long-term rating outlook is "Stable".

"Stable" outlook reflects expectations of Standard&Poor's that Number will preserve its solvency on the level, which is adequate to its current ratings, and will restore its commercial strength and financial condition, having put it on the level, which was reached before the recent events.

In the explanation, published in the report, analysts of S&P note that bank's reputation was impaired because of the criminal investigation concerned with former top managers. Influence of these events is tempered by the competent management of extraordinary circumstances and bank's liquidity, growth of clearness of the situation concerning owners and future development of the bank, as well as by shareholders support.

As at March 31, 2007 Nurbank took the 7th position in a rather highly concentrated banking system of Kazakhstan. At that its balance currency on consolidated basis made KZT207.0 bn. ($1.7 bn.), while its market stake reached 2.5%. Deposit base decreased by over 10% in May and in June of this year. Since the middle of June 2007 the decrease slowed down.

In order to cope with the situation the bank had to reduce the size of its portfolio several times by reducing crediting volumes.

In the end of June of 2007 over 70% of the bank's shares passed into the control of Dariga Nazarbayeva and Nurali Aliyev. Rakhat Aliyev went out of the staff of the bank's owners.

At the same time the bank's capital was increased by KZT11.6 bn. ($96.6 m.). The payment was made by the new majority of shareholders and former small shareholders, and this proves their devotion to execution of obligations on further increase of capital and supporting Nurbank.

In the opinion of S&P, this fact makes big clearness regarding the bank's future development and its owners structure.

Analysts also note that the bank's growth will gradually resume in the nearest months, on condition that the strength of bank's management team grow and functional reformations occur.

One more important fact, marked in the report: in the end of June of 2007 the bank successfully redeemed its bonds on domestic market for a total of KZT4 bn..

Besides, the bank intends in usual working mode and before the proper date to refinance its next big deal, which is redemption of a syndicated loan, borrowed from foreign banks. The amount of the syndicate is $135 m., redemption date is in October of 2007.

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[2007-07-18]