It's possible that Moody's upgrades ratings of four Kazakhstan banks

/REUTERS, New-York, September 30, 02/ - Moody's Investors Service intends to make reexamination with the purpose of possible rating upgrading on investments in foreign currency from the existing Ва3 of four Kazahkstan banks - Kazkommertsbank, Bank TuranAlem, Halyk Bank and AMB. Before Moody's raised the ceiling for foreign currency bank deposits in Kazakhstan to Ba1 from Ba3. Below is the text of Moody's in English: NEW YORK, Sept 30 - Moody's Investors Service has placed on review for possible upgrade the Ba3 foreign currency deposit ratings assigned to Kazkommertsbank, Bank TuranAlem, Halyk Bank and ATF Bank. This rating action follows Moody's sovereign team's recent announcement that it has raised the ceiling for foreign currency bank deposits in Kazakhstan to Ba1 from Ba3. The issuer rating of Ba3 assigned to Astana Finance has been placed on review for possible upgrade. Moody's has also placed on review for possible upgrade the ratings of senior unsecured notes issued by Kazkommerts International BV and TuranAlem Finance BV, and fully guaranteed by Kazkommertsbank and Bank TuranAlem, respectively. This action follows the upgrades of both Kazakhstan's foreign currency ceiling for bonds and the rating of Kazakhstani government foreign currency bonds to Baa3 from Ba2. The review will focus on the intrinsic financial strength of individual banks, their respective market positions and their role and importance for the entire banking system of Kazakhstan, says Moody's. In this context the issue of possible support from respective government authorities to banks in distress, and the timeliness of such support, will be reviewed. This consideration plays an important role in setting the long-term foreign currency ratings higher than is justified by the banks' Financial Strength Ratings alone. JSC Kazkommertsbank is headquartered in Almaty, Kazakhstan and reported total IAS consolidated assets of KZT215.1 billion (US$1.41 billion) as of 30 June 2002. Bank TuranAlem is headquartered in Almaty, Kazakhstan and reported total IAS consolidated assets of KZT170.0 billion (US$1.11 billion) as of 30 June 2002. Halyk Bank is headquartered in Almaty, Kazakhstan and reported total IAS consolidated assets of KZT151.9 billion (US$992.8 million) as of 30 June 2002. ATF Bank is headquartered in Almaty, Kazakhstan and reported total IAS consolidated assets of KZT48.7 billion (US$318.6 million) as of 30 June 2002. Astana Finance is headquartered in Astana, Kazakhstan and based on Kazakhstani accounting standards reported total assets of KZT9.9 billion (US$67.4 million) as of 31 December 2001. [2002-10-01]