Rating agency Expert RA Kazakhstan assings ratings to Eximbank Kazakhstan and its bonds KZPC1Y07C299 (EXBNb1), KZP02Y05C295 (EXBNb2) and KZP03Y07C299 (EXBNb3)

/Rating agency Expert RA Kazakhstan LLP, heading by KASE, June 10, 10/ - Rating agency Expert RA Kazakhstan assigned Eximbank Kazakhstan with В++ credit rating (acceptable reliability level) and В++ reliability rating (acceptable reliability rating) to bonds of the first (NIN - KZPC1Y07C299), second (KZP02Y05C295) and third (KZP03Y07C299) issues, issued under the first bond program. Own fund adequacy in combination with high stake of capital in liabilities, low level of overdue debt (1.87% as on April 1, 2010), provision ratio pertinent to current risk and high collateralization of issued loans played a positive role for the ratings. The bank has balanced assets vs liabilities at a short-term horizon, a focused development strategy and a quality risk management system. "The rating was positively impacted with high profitability against average for banks amidst the crisis", - Erlan Kulbaev, the agency expert for banking said. The rating could be higher if it was not for high level of debt prolongation, concentration of loans on construction (27 % as on April 1, 2010), huge dependency on largest depositors, narrow access to refinancing on global markets and inability to raise funds from individuals. Eximbank Kazakhstan is 19th in terms of assets in Kazakhstan (ranked by FSA as on May 1, 2010). As on May 1, 2010 bank assets reached KZT69.6 bn, capital - KZT13.188 bn, net profit in Y2010 - KZT41.76 m. [2010-06-11]