Moody's upgrades long-term rating of ATFBank to "Ba1"

/REUTERS, Almaty, April 8, 04/ - Moody's Investors Service has upgraded to Ba1 from Ba2 the long-term foreign currency deposit rating of ATF Bank (Kazakhstan) and has assigned a Ba1 rating to the upcoming issue of the bank's senior unsecured notes. Both ratings carry stable outlooks. According to Moody's, the Ba1 ratings incorporate potential support from the Kazakhstani authorities, should the need arise, in reflection of ATF Bank's importance to the banking system of Kazakhstan as the fourth-largest bank with a significant market share in banking assets as of year-end 2003. However, Moody's cautions that any external support from the Kazakhstani financial authorities, in case of distress, may be of a limited nature and the degree and timeliness of such support is rather uncertain but well captured in the Ba1 ratings. ATF Bank is headquartered in Almaty, Kazakhstan and had total IAS-consolidated assets of KZT95.4 billion (US$661.8 million) as of 31 December 2003. Limassol Adel Satel General Manager Financial Institutions Group Moody's Investors Service Cyprus Limited 357-25-586586 Limassol Pavel Simacek Vice President - Senior Analyst Financial Institutions Group Moody's Investors Service Cyprus Limited 357-25-586586 [2004-04-08]