Moody's Investor Service присвоило двум сериям нот АО "Казкоммерцбанк" (Казахстан) окончательный рейтинг на уровне "Ааа"

/ИРБИС, Асель Омарова, 12.06.06/ - 09 июня международное рейтинговое агентство Moody's Investor Service присвоило окончательный рейтинг на уровне "Ааа" двум сериям нот (серия 2006-А и серия 2006-В), выпущенных Kazkommerts DPR Company, которая является специально созданным подразделением АО "Казкоммерцбанк" (Алматы). Рейтинги учитывают страховое покрытие, которое предоставляют Financial Guaranty Insurance Company и Ambac Assurance Corporation (рейтинги данных компаний находятся на уровне "Ааа" по шкале Moody's). Ниже приводится оригинальный текст сообщения Moody's Investor Service. MOODY'S ASSIGNS DEFINITIVE RATINGS TO TWO SERIES OF NOTES ISSUED BY KAZKOMMERTS DPR COMPANY Approximately US$200,000,000 of Debt Securities Rated London, 09 June 2006 - Moody's Investors Service has assigned definitive ratings of Aaa to the Series 2006-A and Series 2006-B Notes issued by Kazkommerts DPR Company. The definitive Aaa ratings are based primarily on the financial guarantee insurance policies to be issued by Financial Guaranty Insurance Company ("FGIC") and Ambac Assurance Corporation ("Ambac") respectively in relation to the Series 2006-A and Series 2006-B Notes. Moody's rates both FGIC's and Ambac's insurance financial strength Aaa. Moody's has also determined that the Notes represent a Baa1 risk to FGIC and Ambac. The issuance is the second under the programme, which was established in December 2005. According to Moody's , the strengths of the transaction are: (1) The financial and operational strength of JSC Kazkommertsbank ("Kazkommertsbank") and its importance in the banking system of Kazakhstan (Kazkommertsbank is largest bank by assets in Kazakhstan - Kazakhstan's government foreign currency debt rating is currently Baa2 and its government local currency debt rating is Baa1). (2) The historical volumes generated by Kazkommertsbank's electronic remittance business, which Moody's notes are on a strong increasing trend, reflecting the country's strong exports. (3) The reduced likelihood of sovereign interference in the cash flows from the underlying future receivables, due to several structural protections incorporated into the transaction. (4) The high ratio of remittance cash flows to maximum scheduled debt service, based on strong cash flows generated predominantly outside Kazakhstan to third party beneficiaries predominantly in Kazakhstan. (5) The robust credit quality of those of Kazkommertsbank's US correspondent banks that are expected to commit to deposit all remittance-related cash flows to the concentration and series trust account as instructed by the Indenture Trustee. (6) Structural and legal protections incorporated into the transaction, including required minimum debt service coverage ratios, which, if not met, trigger the early amortisation of the Notes. According to Moody's, the weaknesses of the transaction relate to: (1) The relatively limited amount of historical data available and strong volatility of the flows (although the debt service coverage ratio level is high at closing and there is a positive trend). (2) Given the economy's reliance on commodity exports, flow volumes are largely correlated with commodity prices and therefore volatile. The above ratings address the timely payment of interest and principal on the Notes during the life of the transaction and address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. To obtain a copy of Moody's Pre-Sale Report on this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454). London Jean Dornhofer Senior Vice President Structured Finance Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 London David Lautier Vice President - Senior Analyst Structured Finance Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2006-06-12]