Fitch Ratings Assigns Bank TuranAlem's Latest Eurobond Final 'BB+' Rating

/Fitch Ratings, December 18, 06/ - Fitch Ratings has today assigned TuranAlem Finance B.V.'s ("TAF") GBP500 million 7.125% eurobond issue due December 2009 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-H106, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors. Contacts: James Watson, Moscow, Tel: +7 495 956 9901. Media Relations: Mayra Cunningham, London, Tel: +44 20 7417 3557; Alla Izmailova, Moscow, Tel: +7 495 956 9903. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct` section of this site. [2006-12-20]