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Rating Action:

Moody's takes rating actions on Kazakh financial institutions

12 Dec 2008

London, 12 December 2008 -- Moody's Investors Service has today placed on review for possible downgrade the bank financial strength ratings (BFSRs) and debt and deposit ratings of eight Kazakh banks. In addition, Moody's also placed on review for possible downgrade the issuer ratings of four government-related issuers (GRIs). The affected institutions are:

- ATF Bank: BFSR D-, LC deposit rating Baa2, LC deposit rating Baa2, senior unsecured debt rating Baa2 ,all ratings on review for downgrade;

- Bank CenterCredit: BFSR D-, LC and FC deposit ratings Ba1, senior unsecured debt rating Ba1, all ratings on review for downgrade;

- BTA Bank: BFSR D-, LC and FC deposit ratings Ba1, senior unsecured debt rating Ba1, all ratings on review for downgrade;

- Caspian Bank: BFSR D-, LC and FC deposit ratings Ba3, senior unsecured debt rating Ba3, all ratings on review for downgrade;

- Delta Bank: BFSR E+, LC and FC deposit ratings B3, all ratings on review for downgrade;

- Eximbank Kazakhstan: BFSR E+, LC and FC deposit ratings B3, all ratings on review for downgrade;

- Halyk Savings Bank of Kazakhstan: BFSR D, LC deposit rating Baa3, senior unsecured debt rating Baa3, all ratings on review for downgrade;

- Kazkommertsbank: BFSR D-, LC and FC deposit ratings Ba1, senior unsecured debt rating Ba1, all ratings on review for downgrade;

- Agrarian Credit Corporation: Issuer rating Baa2, rating on review for downgrade;

- Astana Finance: Issuer rating Ba1, rating on review for downgrade;

- KazAgroFinance: Issuer rating Baa2, rating on review for downgrade;

- Kazakhstan Mortgage Company: Issuer rating Baa1, rating on review for downgrade.

In addition, Moody's has placed on review for possible downgrade the debt and deposit ratings of eight Kazakh banks. The BFSR's of these banks were affirmed at the current level. The affected institutions are:

- Alfa-Bank Kazakhstan: BFSR E+ affirmed, LC and FC deposit ratings Ba3 on review for downgrade

- Eurasian Bank: BFSR E+ affirmed, LC and FC deposit ratings B1 on review for downgrade

- House Construction Saving Bank of Kazakhstan: BFSR E+ affirmed, LC deposit rating Baa2 on review for downgrade

- Kazinvestbank: BFSR E+ affirmed, LC and FC deposit ratings B2 on review for downgrade

- Nurbank: BFSR E+ affirmed, LC and FC deposit ratings B1 on review for downgrade

- SB Sberbank: BFSR E+ affirmed, LC and FC deposit ratings Ba2 on review for downgrade

- Temirbank: BFSR E+ affirmed, LC and FC deposit ratings Ba3, senior unsecured debt rating Ba3 on review for downgrade

- Tsesna Bank: BFSR E+ affirmed, LC and FC deposit ratings B1, senior unsecured debt rating B1 on review for downgrade

Moody's has also downgraded the issuer rating of Development Bank of Kazakhstan to Baa1 from A2, and placed it on review for possible further downgrade. The Ba3 issuer rating of DBK-Leasing, a subsidiary leasing company of Development Bank of Kazakhstan has been affirmed.

At the same time, Moody's has affirmed the E+ BFSR and maintained the review for possible downgrade on the deposit and debt ratings of Alliance Bank and on the issuer ratings of Seimar Alliance Financial Corporation, Alliance Bank's holding company.

Moody's has affirmed the Ba1/Not Prime foreign currency deposit ratings of ATF Bank and Halyk Savings Bank, which are constrained by the country ceiling for Kazakhstan.

These rating actions reflect Moody's assessment of increased uncertainty regarding government support to the Kazakh banks followed by the recent statements of high-ranked Kazakh officials on the government's intention to restructure the banks' foreign borrowings and the potential implications this may have to the economy.

These rating actions also reflect growing pressure on Kazakh banks liquidity position, financial fundamentals and franchise viability caused by the tightening economic conditions in the country and the growing uncertainty regarding the ability of the Kazakh banks and GRIs to meet their obligations on foreign borrowings which amounted to around US$45 billion at the end of Q3 2008 -- with the substantial part of the repayments falling due in 2009-2011.

We note that the largest financial institutions affected by this rating action account for the majority of the outstanding foreign currency debt issued by Kazakh financial institutions. The ratings of most of these institutions incorporate a probability of support from the government in the event of need.

In its rating review Moody's will focus on (i) re-examining the government support incorporated in the banks' and GRIs' deposit and debt ratings based on the recent events , and (ii) on analysing the impact of the deteriorating macroeconomic conditions on Kazakh banks' and GRIs' financial fundamentals. The likely results of the review would be either affirmation of these ratings where there is strong evidence that their intrinsic financial strength and support from the government would be sufficient to maintain them at the current level, or downgrade the ratings of those institutions if the standalone financial strength and/or the support assumptions are not appropriately reflecting the economic situation and the government support policy based on current events.

Moody's notes that the downgrade of the Development Bank of Kazakhstan's issuer rating from A2 to Baa1 (on par with Kazakhstan's local currency government bond ratings) was prompted by the increased uncertainty regarding the systemic support probability.

Moody's previous rating action on Alfa-Bank Kazakhstan was on 4 May 2007 when the BFSR and deposit ratings were affirmed at E+/Ba3/NP.

Moody's previous rating action on Alliance Bank was on 30 July 2008 when the long-term debt and deposit rating outlook were placed on review for downgrade.

Moody's previous rating action on ATF Bank was on 28 November 2008 when the outlook on the bank's BFSR of D- was changed to negative from stable.

Moody's previous rating action on Bank CenterCredit was on 1 November 2007 when the outlook on all of the bank's ratings was changed to negative from stable.

Moody's previous rating action on BTA Bank was on 1 November 2007 when the outlook on the BFSR of D- was changed to negative from stable.

Moody's previous rating action on Caspian Bank was on 4 May 2007 when the deposit and debt ratings were changed to Ba3/NP from Ba2/NP.

Moody's previous rating action on Delta Bank JSC was on 18 September 2008 when the B3/NP/E+ ratings were assigned.

Moody's previous rating action on Eurasian Bank was implemented on 4 May 2007 when the BFSR and deposit ratings were affirmed at E+/B1/NP.

Moody's previous rating action on Eximbank Kazakhstan was implemented on 15 September 2008 when deposit ratings were downgraded to B3/NP from B2/NP.

Moody's previous rating action on Halyk Savings Bank of Kazakhstan was implemented on 1 November 2007 when the outlook on the BFSR of D was changed to negative from stable.

Moody's previous rating action on House Construction Saving Bank of Kazakhstan was implemented on 22 November 2007 when the first-time Baa2/P-2/E+ ratings were assigned.

Moody's previous rating action on Kazinvestbank was implemented on 29 October 2007 when the first-time B2/NP/E+ ratings were assigned.

Moody's previous rating action on Kazkommertsbank was on 1 November 2007 when the BFSR was downgraded to D- from D.

Moody's previous rating action on Nurbank was implemented on 4 May 2007 when the bank's long-term deposit ratings were downgraded to B1 from Ba3.

Moody's previous rating action on SB Sberbank JSC was implemented on 4 May 2007 when the BFSR and the deposit ratings were affirmed at E+/Ba2/NP.

Moody's previous rating action on Seimar Alliance Financial Corporation was implemented on 30 July 2008 when the Ba3 long-term foreign and local currency issuer ratings placed on review for downgrade.

Moody's previous rating action on Temirbank was implemented on 7 May 2008 when the bank's long-term deposit and debt ratings were downgraded to Ba3 from Ba2.

Moody's previous rating action on Tsesna Bank was implemented on 4 May 2007 when the BFSR and the FC Deposit Ratings were affirmed at E+/B1/NP.

Moody's previous rating action on Agrarian Credit Corporation was implemented on 2 November 2007 when Baa2/P-2 ratings were assigned.

Moody's previous rating action on Astana Finance was implemented on 29 May 2007 when a Ba1 long-term foreign currency debt rating to the senior unsecured obligations was assigned.

Moody's previous rating action on DBK Leasing was implemented on 30 October 2007 when the Ba3/NP ratings were assigned.

Moody's previous rating action on Development Bank of Kazakhstan was implemented on 30 October 2006 when the issuer rating was upgraded to A2 from Baa1.

Moody's previous rating action on KazAgroFinance was implemented on 1 November 2006 when the Baa2/P-2 ratings were assigned.

Moody's previous rating action on Kazakhstan Mortgage Company was implemented on 2 November 2006 when the long-term local currency issuer rating was upgraded to Baa1.

The principal methodologies used in rating the issuers -- Alfa-Bank Kazakhstan, Alliance Bank, ATF Bank, Bank CenterCredit, BTA Bank, Caspian Bank, Delta Bank, Eurasian Bank, Eximbank Kazakhstan, Halyk Savings Bank of Kazakhstan, House Construction Savings Bank of Kazakhstan, Kazinvestbank, Kazkommertsbank, Nurbank, SB Sberbank, Seimar Alliance Financial Corporation Temirbank and Tsesna Bank -- are "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. The principal methodologies used in rating the four GRIs -- Agrarian Credit Corporation, Astana Finance, Development bank of Kazakhstan, DBK-Leasing and Kazakhstan Mortgage Company -- are "The Application of Joint-Default Analysis to Government Related Issuers". Other methodologies and factors that may have been considered in the process of rating can also be found in the Credit Policy & Methodologies directory.

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

London
Armen L. Dallakyan
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's takes rating actions on Kazakh financial institutions
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