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Rating Action:

Moody's downgrades debt ratings of Bank TuranAlem and Temirbank (Kazakhstan)

22 Jun 2007
Moody's downgrades debt ratings of Bank TuranAlem and Temirbank (Kazakhstan)

Moscow, June 22, 2007 -- Moody's Investors Service has downgraded the debt ratings of Bank TuranAlem and Temirbank, concluding the review for possible downgrade that was initiated on 4 May 2007, following the implementation of Moody's refined JDA methodology on external support. All ratings now carry stable outlooks.

The ratings affected are as follows:

Bank TuranAlem:

- Foreign Currency Senior Unsecured Debt Ratings downgraded to Baa3 from Baa1.

- Foreign Currency Subordinate Debt Ratings downgraded to Ba1 from Baa2.

- Foreign Currency Junior Subordinate Debt Rating downgraded to Ba2 from Baa3.

The D- Bank Financial Strength Rating (BFSR) is unchanged.

Temirbank:

- Foreign Currency Senior Unsecured Debt Rating downgraded to Ba1 from Baa3.

The E+ Bank Financial Strength Rating is unchanged.

The rating downgrades for Bank TuranAlem still impute a very high degree of systemic support albeit with some degree of inherent uncertainty as to the predictability of such support. In its assessment of systemic support for banks in Kazakhstan, Moody's takes into consideration the country's low support guideline, as well as the size, strength and degree of fragmentation of the banking system. In addition to the low support assessment for banks in Kazakhstan, Bank TuranAlem's Baseline Credit Assessment, as reflected in the D- BFSR, is a key factor that weighs negatively on the bank's long-term ratings despite the very high degree of imputed external support.

The rating downgrades for Temirbank reflect the downgrade of Bank TuranAlem's ratings, the ultimate support provider of Temirbank. Given its relatively small size, coupled with the low support assessment, Temirbank's debt and deposit ratings do not benefit from any significant state support that could enhance its creditworthiness. Based on this framework, the foreign currency debt ratings of Bank TuranAlem and Temirbank were downgraded today.

Both banks are headquartered in Almaty, Kazakhstan. Temirbank reported audited consolidated total assets of KZT198 billion (US$1.6 billion) and total equity of KZT27 billion (US$211 million) under IFRS as at 31 December 2006. Bank TuranAlem reported total consolidated assets of KZT2.075 trillion (US$16.3 billion) and total equity of KZT182 billion (US$1.4 billion) under IFRS as at 31 December 2006.

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

Moscow
Armen Dallakyan
Analyst
Financial Institutions Group
Moody's Eastern Europe
Telephone: +7 495 641-1881
Facsimile: +7 495 641-1897

No Related Data.
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