FITCH UPGRADES KAZAKHSTAN'S CITY OF ALMATY AND MANGISTAU REGION TO "AA-(KAZ)"

/REUTERS, Moscow, KASE, November 10, 2008/ - Fitch Ratings has today upgraded Kazakhstan's City of Almaty to National Long-term rating 'AA-(kaz)' (AA minus) from 'A+(kaz)'. Its Long-term foreign and local currency ratings are affirmed at 'BB+' and its Short-term foreign currency rating is affirmed at B'. The Outlooks for the Long-term ratings remain Stable. Fitch also upgraded Kazakhstan's Mangistau Region to National Long-term AA-(kaz)' (AA minus) from 'A(kaz)'. Its Long-term foreign and local currency ratings are affirmed at 'BB+' and its Short-term foreign currency rating is affirmed at 'B'. The Outlooks for the Long-term ratings remain Stable. The rating actions reflect a recalibration of Fitch's National Kazakh scale following the downgrade of Kazakhstan's Long-term foreign currency Issuer Default Rating (IDR) to 'BBB-' (BBB minus) from 'BBB' and the downgrade of its Long-term local currency IDR to 'BBB' from 'BBB+' (see separate announcement on www.fitchratings.com issued on 10 November 2008). The Outlooks on the sovereign ratings remain Negative. Contact Vladimir Redkin, Moscow, Tel: +7 495 956 990 Fernando Mayorga, Barcelona, +34 93 323 8400. Media Relations Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 436 Email: peter.fitzpatrick@fitchratings.com Alla Izmailova, Moscow, Tel: +7 495 956 9903 Email: alla.izmailova@fitchratings.com [2008-11-11]