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NEWS ARCHIVE
NEWS

LONDON. July 18. KAZINFORM. This announcement corrects and replaces yesterday’s announcement ‘Fitch assigns Bank TuranAlem’s Upcoming Eurobond Expected ‘BB+’’, which incorrectly referred to an upcoming eurobond placement. No such eurobond is upcoming. Rather, the eurobond referred to and rated below has already been placed. The corrected text is as follows:Fitch Ratings has today assigned TuranAlem Finance B.V.'s ("TAF") issue of USD250m 8.25% notes due January 2037 with a put option a Long-term rating of 'BB+'. The issue is consolidated and forms a single series with the USD750m notes due January 2037, also with a put option, which were issued in January 2007. The issue is 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', and Support '3'. It has a Support Rating Floor ‘BB+’. The issue is 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 www.fitchresearch.com. 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 it acquired a majority stake in Kazakhstan’s Temirbank (IDR ‘BB-’ (BB minus)/Outlook Stable). BTA’s ownership structure is not transparent, but Fitch understands that the bank is controlled by several Kazakhstani shareholders, Kazinform has learnt from Fitch Ratings press service.


Resourse: KAZINFORM







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