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Rating Action:

MOODY'S UPGRADES KECIC'S INSURANCE FINANCIAL STRENGTH RATING TO Baa1 FROM Ba1

11 Aug 2006
MOODY'S UPGRADES KECIC'S INSURANCE FINANCIAL STRENGTH RATING TO Baa1 FROM Ba1

The outlook is stable

London, 11 August 2006 -- Moody's Investors Service announced today that it had upgraded the insurance financial strength rating of the State Insurance Corporation for the Insurance of Export Credit and Investment of Kazakhstan (Kecic) to Baa1 from Ba1. This concludes the review for possible upgrade announced in our press release on 12 July 2006. The outlook on the new rating is stable.

Headquartered in Almaty, Kazakhstan, Kecic was founded in August 2003 and started operations in February 2004. It is 100% owned by the Republic of Kazakhstan and is mandated to be the primary provider of export credit insurance in the country, both commercial and political. In addition, Kecic is writing inward reinsurance business in the Kazakh market.

Commenting on the upgrade, Moody's said that a key factor that added positive pressure on the rating was the upgrade of Kazakhstan's foreign currency bond rating to Baa2 from Baa3 on 9 June 2006. Furthermore, Moody's said that the company's current plans foresaw a more limited rate of growth than previously expected, ensuring that the company's strong capitalisation will be maintained. Finally, Moody's concluded that Kecic enjoyed very substantial support from the Government of Kazakhstan, as a result of which the degree of implied support for the purposes of Moody's GRI (Government Related Issuer) methodology was increased from 20% to 60%.

In accordance with Moody's GRI (Government Related Issuer) rating methodology, the current rating of Kecic reflects a combination of the following inputs: (i) Baseline credit assessment of 9 (on a scale of 1 to 21, where 1 represents the lowest credit risk), (ii) 100% dependence, reflecting the company's operating and financial proximity to the Government (iii) 60% support, reflecting the importance of Kecic in its capacity as Export Credit Agency (ECA), somewhat offset by its status as an underwriter of inwards reinsurance business which is associated with more limited support from the Government.

Moody's said that further upward pressure on Kecic's rating was highly unlikely to develop in the absence of positive rating actions on the Republic of Kazakhstan bond ratings. Commenting on what could move Kecic's rating down, Moody's mentioned faster than expected growth, particularly in the non-core inwards reinsurance business, failure to develop adequate risk management systems to accommodate growing exposure, a change in asset allocation strategy resulting in a decline of the credit quality of invested assets, as well as any evidence of weakening support by the Government of Kazakhstan.

The date of the preceding rating action was 12 July 2006, when Kecic's insurance financial strength rating was placed on review for possible upgrade.

Kecic had shareholders equity of KZT8,792.8 million and total assets of KZT9,038.4 million as of 31 December 2005. For FY 2005, it reported net income of KZT205.5 million.

The following rating was upgraded and a stable outlook assigned:

The State Insurance Corporation for the Insurance of Export Credit and Investment of Kazakhstan (Kecic) -- insurance financial strength rating to Baa1 from Ba1

London
Simon Harris
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Timour Boudkeev
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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