Moody's granted rating "Ba2" to bonds of Bank TuranAlem

/REUTERS, London, Apr 15, 02/ - International rating agency Moody's granted rating "Ba2" to major unsecured promissory notes of Kazakhstan's bank TuranAlem, is said in the report of the agency. Forecast of rating's change is positive. Bands, which were denominated in USD, are issued by TuranAlem Finance BV under unconditional and irrevocable guarantees of the bank TuranAlem. The bank's rating is set at maximum possible for Kazakhstan's banks level, informs the agency. Rating reflects an important role of TuranAlem in banking sector of the country, which is on of the fast growing financial institutions in the country. Besides, it shows high probability of receiving support in case of necessity. Moody's also remarks that a group of foreign investors including European bank for Reconstruction and development, IFC and Austrian Raiffesen Bank can offer the bank their consulting services and therefore improve quality of the bank's transactions. However, the bank's rating is influenced by complicated enough business climate in Kazakhstan. The bank itself id relatively not big, has potentially unstable base for attracting of financing and not enough diversified credit portfolio. [2002-04-15]