S&P affirms Eurasian Bank (Kazakhstan) credit ratings at “B/B”, revised the national scale rating from “kzBB” to “kzBB+”, outlook “Stable”

S&P affirms Eurasian Bank (Kazakhstan) credit ratings at "B/B", revised the national scale rating from "kzBB" to "kzBB+", outlook "Stable"Standard & Poor’s Ratings Services said today it revised its outlook on Kazakhstan-based JSC Eurasian Bank to stable from negative. At the same time, the ‘B/B’ long- and short-term counterparty credit ratings on the bank were affirmed. The national scale rating was raised to kzBB+’ from ‘kzBB’.

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Due to efficient anti-crisis plan Kazakhstan embarks on a new stage of development

Due to efficient anti-crisis plan Kazakhstan embarks on a new stage of developmentIn his Address to the Nation as of March 6, 2009 “Through Crisis to Renovation and Development” President Nursultan Nazarbayev pledged Kazakhstan people the state has all opportunities to overcome the crisis. “Unfortunately, a string of economic hardships and the power of crisis pressing do not abate. And you should know that. But you have to be confident we are not simply ready to face these challenges. We will overcome tough calls and come out of a recession as a strong and prosperous state,” the President said.

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S&P affirms ratings of Kazkommertsbank, Nurbank and AsiaCredit Bank; outlook changed to Stable

S&P affirms ratings of Kazkommertsbank, Nurbank and AsiaCredit Bank; outlook changed to StableStandard & Poor’s Ratings Services said today it revised its outlooks on Kazakhstan-based Kazkommertsbank (JSC) (KKB), JSC Nurbank, and JSC AsiaCredit Bank to stable from negative. At the same time, the long- and short-term counterparty credit ratings on the banks were affirmed. We also assigned our ‘kzBB+’ Kazakhstan national scale rating to Nurbank.

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S&P upgrades GAMMA corporate governance rating for Kazakhtelecom (Kazakhstan) to GAMMA-5+

S&P upgrades GAMMA corporate governance rating for Kazakhtelecom (Kazakhstan) to GAMMA-5+Standard & Poor’s Governance Services said it has raised its governance, accountability, management, metrics and analysis (GAMMA) score on JSC Kazakhtelecom (Kazakhtelecom) to GAMMA-5+ from GAMMA-5, primarily due to improvements in the board process. The largest telecommunications operator in Kazakhstan, Kazakhtelecom’s major shareholder is the Samruk-Kazyna National Welfare Fund of Kazakhstan, which currently holds a stake of 51%.

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S&P downgrades GAMMA corporate governance rating for National Company KazMunayGaz (Kazakhstan) to GAMMA-4+

S&P downgrades GAMMA corporate governance rating for National Company KazMunayGaz (Kazakhstan) to GAMMA-4+Standard & Poor’s Governance Services said it has lowered its governance, accountability, management, metrics, and analysis (GAMMA) score on to JSC National Company KazMunayGas (NC KMG) to GAMMA-4+ from GAMMA-5 on concerns related to reduced involvement of independent directors in the board process and weaknesses in internal audit. NC KMG is an integrated oil and gas company wholly owned by Samruk-Kazyna National Welfare Fund of Kazakhstan.

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Fitch affirms ratings of ATFBank, Development Bank of Kazakhstan and KazAgroFinance, ATFBank ratings outlook revised from “Stable” to “Positive”

Fitch affirms ratings of ATFBank, Development Bank of Kazakhstan and KazAgroFinance, ATFBank ratings outlook revised from "Stable" to "Positive"Fitch Ratings has revised ATF Bank’s Outlook to Positive from Stable and affirmed its ratings. The agency has also affirmed the ratings of two other Kazakh banks, Development Bank of Kazakhstan (DBK) and KazAgroFinance (KAF). The rating actions follow Fitch’s recent revision of the Outlooks on Kazakhstan’s ratings to Positive from Stable (see ‘Fitch Revises Kazakhstan’s Outlook to Positive; Affirms ‘BBB-‘, dated 20 December 2010 and available at www.fitchratings.com. A summary of rating actions is presented at the end of this commentary.

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