Business Services Industry

KAZAKHSTAN: RATINGS NOTES BY TURANALEM FINANCE B.V.

IPR Strategic Business Information Database, January, 2005

Moody's Investors Service has assigned a rating of Baa2 to the upcoming issue of senior unsecured notes by TuranAlem Finance B.V., unconditionally and irrevocably guaranteed by JSC Bank TuranAlem of Kazakhstan (BTA). The outlook for the rating is stable. The amount of the placement is expected to be US$200 million.

The rating of BTA's senior unsecured debt has pierced Kazakhstan's Baa3 sovereign ceiling for bonds. The level of the rating reflects the important role the bank plays in the country's economy. BTA is the second-largest bank in the system, and has succeeded over a relatively short period of time in building up an important banking franchise in the domestic, corporate and retail markets. Moody's notes that the likelihood of BTA receiving...

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