KAZKOMMERTSBANK OJSC comments on increasing of its credit ratings by Moody's

/IRBIS, November 12, 02/ - Today press-service of KAZKOMMERTSBANK OJSC (Almaty) distributed information, which says that on November 8 of 2002 international agency Moody's Investors Service upgraded to Ba1 from Ba3 long- term rating on deposits in foreign currency of KAZKOMMERTSBANK OJSC, and also for twp more banks of the country - Bank TuranAlem OJSC and Halyk Bank of Kazakhstan OJSC. The agency has also upgraded to the first investment level - Baa3 - rating of eurobonds of KAZKOMMERTSBANK OJSC and Bank TuranAlem OJSC. All ratings have stable outlook. "The rating reflects confidence of Moody's in the fact that the system's largest banks, in case of necessity, may depend on support of local authorities. Rating increase follows increase the limit (of rating) of Kazakhstan banks; deposits in foreign currency to Ba1 from Ba3", - says the agency's message. "Besides the fact that these are the highest ratings in CIS, this is the first case, when investment ratings has been assigned to commercial institutions' securities", - comments on information of Moody's the acting director of KAZKOMMERTSBANK OJSC Eldar Abdrazakov. Kazkommertsbank is the largest bank of Kazakhstan, which's assets have exceeded $1.5 bn according to the data dated September 30 of the current year. After successful redemption of debut eurobonds issue in 2001, in May of this year KAZKOMMERTSBANK OJSC issued five-year eurobonds for $150 m. [2002-11-12]