S&P assigned rating "AAA" to bond issues of Kazkommerts DPR Co

/Standard & Poor's, New York, April 12, 07, title of IRBIS/ - Standard & Poor's Ratings Services today assigned its ratings to Kazkommertsbank JSC's (KKB) Kazkommerts DPR Co. $500 million floating-rate notes series 2007-A, 2007-B, and 2007-C due 2017 (see list). The transaction is a securitization through a true sale of KKB's current and future diversified payment rights (DPRs). DPRs take the form of U.S. dollar- denominated, Society for Worldwide Interbank Financial Telecommunications (SWIFT) MT100 series payment order messages. The payment order messages are a product of the international financial operations of KKB, the largest bank in Kazakhstan. The three new series of notes have a 10-year maturity with an interest-only period until June 2010. The 'AAA' ratings on the series 2007A, 2007B, and 2007C notes reflect the credit enhancement provided by Financial Guaranty Insurance Co. ('AAA' insurer financial enhancement rating), MBIA Insurance Co. ('AAA' financial enhancement rating), and Asian Development Bank (foreign currency, AAA/stable), respectively. The 'BBB' underlying ratings on all three series reflect Standard & Poor's BBB' bank survivability assessment of KKB over the term of the transaction and other structural features that mitigate sovereign interference risk and other credit risks. Standard & Poor's survivability assessment reflects a bank's ability to generate the necessary assets to service the transaction even under a state of default or other financial impairment. RATINGS ASSIGNED Kazkommerts DPR Co. Series Rating/Underlying rating Amount (mil. $) 2007-A AAA/BBB 150 2007-B AAA/BBB 250 2007-C AAA/BBB 100 For detailed information: Gabriel Wieder, New York, (1) 212-438-3080 Marcio Rocha, New York, (1) 212-438-6223 Magar Kouyoumdjian, London, (44) 20-7176-7217 Analysts' e-mail adresses: gabriel_wieder@standardandpoors.com marcio_rocha@standardandpoors.com magar_kouyoumdjian@standardandpoors.com [2007-04-13]