Fitch Assigns Kazkommertsbank's Eurobond Final 'BB+' Rating

/REUTERS, May 18, 06/ - Fitch Ratings has today assigned Kazkommerts International B.V.'s EUR300 million 5.125% notes due March 2011 a final Long-term 'BB+' rating. The issue was made under the USD1.5 billion guaranteed debt issuance programme rated Long-term 'BB+' for foreign currency notes with maturities in excess of one year and Short-term 'B' for foreign currency notes with maturities of less than one year. The notes under the programme are unconditionally and irrevocably guaranteed by Kazakhstan's Kazkommertsbank ("KKB", foreign currency Issuer Default 'BB+'/Stable Outlook foreign currency Short-term 'B', local currency Issuer Default 'BBB-' (BBB minus)/Stable Outlook, local currency Short-term 'F3', Individual 'C/D', Support '3'). KKB was the largest commercial bank in Kazakhstan by IFRS assets at end-2005 and has top three positions in all major market segments. One individual controls a majority stake in the bank. The European Bank for Reconstruction and Development is a minority shareholder and is actively involved in board-level decision-making. Terms and conditions of the programme can be found in Fitch's statement dated 20 October 2005 on the agency's subscriber website at www.fitchresearch.com. Contacts: Alexei Kechko, Moscow, Tel: +7 495 956 9931; James Watson, Moscow, Tel: +7 495 956 6657. Media Relations: Alla Izmailova, Moscow, Tel: +7 495 956 9903; Jon Laycock, London, Tel: +44 20 7417 4327. [2006-05-18]