Moody's upgrades rating of Alliance Bank (Kazakhstan) to "Ba2"

/REUTERS, New-York, May 19, 05/ - Moody's Investors Service has raised the long-term deposit rating of Alliance Bank (Kazakhstan) to Ba2 from Ba3. Following the upgrade, the outlook on the rating was changed to stable from positive. This rating action does not affect the bank's Not-Prime short-term deposit rating nor the financial strength rating of E+ (positive outlook). According to Moody's, the upgrade incorporates an increased likelihood of support for the bank from the Kazakhstani authorities in the event of need, reflecting its strengthening franchise and growing importance to the banking system. Following three years of rapid growth, Alliance Bank ranked sixth- largest by assets and fifth-largest by capital in Kazakhstan as at year-end 2004, with shares of the system's total assets and shareholders' equity at 4.5% and 6.0%, respectively. Alliance Bank is headquartered in Almaty, Kazakhstan, and reported total assets of US$922 million and capital of US$123 million under IFRS at 31 December 2004. [2005-05-19]