Fitch has upgraded rating of the Development Bank of Kazakhstan to 'ВВ+' from 'ВВ'

/REUTERS, Almaty, October 2, 03/ - Fitch, international rating agency, has upgraded long-term rating of state-run Development Bank of Kazakhstan to 'BB+' from 'BB', the bank announced on Thursday. The rating outlook is stable. Short-term rating remained at 'B' level, the maintenance rating - '3'. The bank was created in May 2001 and was capitalized at the expense of budget funds for crediting long-term infrastructure projects not relating to raw materials sector. The bank's debt to equity ratio is 1/1 and will remain at this level, the bank informed. According to the message, upgrading of the rating to the sovereign rating level reflects the possibility of governmental guarantees for banks obligations, which possess 100 percent ownership of the bank. In October 2002, the bank issued five-year eurobonds for $100 mn. [2003-10-02]