Fitch assigned Bank TuranAlem JSC' eurobonds final "ВВ+"rating

/REUTERS, June 2, 06/ - International rating agency Fitch Ratings assigned Bank TuranAlem JSC' eurobonds final "ВВ+" rating on Friday. Eurobonds to the sum of $250 m. with maturity in April in 2013 were issued by SPV-company TuranAlem Finance B.V. at the coupon rate of 7.75% APR. Debt rating corresponds to own rating of default of the issuer of TuranAlem JSC. Original text of Fitch's message is given below. FITCH ASSIGNS BANK TURANALEM'S EUROBOND FINAL 'BB+' RATING Fitch Ratings-London/Moscow-02 June 2006: Fitch Ratings has today assigned TuranAlem Finance B.V.'s ("TAF") USD250 million 7.75% eurobond issue due April 2013 a final Long-term 'BB+' rating. The issue is guaranteed by Kazakhstan's Bank TuranAlem ('BTA'), rated foreign currency Issuer Default 'BB+'/Stable, local currency Issuer Default 'BBB-' (BBB minus)/Stable, Short-term foreign currency 'B', Short-term local currency 'F3', Individual 'C/D' and Support '3'. The issue was made within the framework of BTA's and TAF's USD3 billion global medium-term note programme, rated Long-term 'BB+' for senior unsecured foreign currency notes with maturities in excess of one year and Short-term 'B' for senior unsecured foreign currency notes with maturities of less than one year. Details of the programme can be found in Fitch's announcement of 7 November 2005, available on the agency's website at www.fitchresearch.com. BTA was the second largest commercial bank in Kazakhstan by IFRS assets at end-2005, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors, but Raiffeisen Zentralbank, the European Bank for Reconstruction and Development, the International Finance Corporation and Nederlandse Financierings - Maatschappij Voor Ontwikkelingslanden own convertible preferred shares. Contacts: James Watson, Alexei Kechko, Moscow, Tel: +7 495 956 9901. Media Relations: Alla Izmailova, Moscow, Tel: +7 495 956 9903; Jon Laycock, London, Tel: +44 20 7417 4327. [2006-06-02]