USD/KZT 375.95  -0.13
EUR/KZT 425.8  -0.90

LONDON. July 16. KAZINFORM. Fitch Ratings has today assigned TuranAlem Finance B.V.'s ("TAF") upcoming USD-denominated 30-year eurobond issue an expected 'BB+' Long-term rating. The issue is to be guaranteed by Kazakhstan's Bank TuranAlem ("BTA"), rated Long-term foreign currency Issuer Default (“IDR”) 'BB+'/Positive Outlook, Long-term local currency IDR 'BBB-' (BBB minus)/Stable Outlook, Short-term foreign currency IDR 'B', Short-term local currency IDR 'F3', Individual 'C/D', Support '3' and Support Rating Floor ‘BB+’. The issue is to be made within the framework of BTA's and TAF's USD8bn global medium-term note programme, details of which can be found in Fitch's announcement of 7 November 2005 on The final rating of the issue is contingent upon the receipt of final documentation conforming materially to information already received. BTA is one of the two largest commercial banks in Kazakhstan, with top three positions in all major markets segments. It has developed a network of affiliate banks in other CIS countries, and in December 2006 completed the acquisition of a majority stake in Kazakhstan’s Temirbank (IDR ‘BB-’ (BB minus)/Outlook Stable). BTA’s ownership structure is not yet transparent, but Fitch understands that the bank is controlled by several Kazakhstani shareholders.


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