Weekly review: SCO member states vow to strengthen economic cooperation

Weekly review: SCO member states vow to strengthen economic cooperationPrime Minister of Kazakhstan Karim Massimov arrived on Sunday for a working visit in Saint Petersburg to attend the Council of the Heads of Government of the Shanghai Cooperation Organization member states.

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S&P affirms long-term credit ratings of Bank VTB (Russia) at “ВВВ”; outlook “Stable”

S&P affirms long-term credit ratings of Bank VTB (Russia) at "ВВВ"; outlook "Stable"Standard & Poor’s Ratings Services today said it affirmed the ratings on Russian bank JSC VTB Bank (VTB) and its subsidiaries. We also affirmed the ‘ruAAA’ Russia national scale ratings on VTB and VTB-Leasing. The outlook on all ratings is stable. The ‘BBB’ long-term counterparty credit ratings on VTB and its subsidiaries VTB-Leasing and VTB-Leasing Finance were placed on CreditWatch with negative implications on March 1, 2011.

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Khrapunov & Company playing Monopoly: from Almaty to Toronto – and back to Geneva/I

Khrapunov & Company playing Monopoly: from Almaty to Toronto - and back to Geneva/IIn August this year, judicial investigations were opened against the former mayor of Almaty Viktor Khrapunov, for the usual list of suspected violations of the law: misappropriation of funds, embezzlement, forgery and a number of related offences. If charges follow, he could be exposed to the risk of arrest and end up behind bars for half a decade or more.

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KazMunaiGas Exploration Production announces operating results of first nine months Y2011

KazMunaiGas Exploration Production announces operating results of first nine months Y2011JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”), announces that in the first nine months of 2011 it produced 9,207 thousand tonnes of crude oil (250kbopd) including the Company’s stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI), which is 738 thousand tonnes or 7% less than in the same period of 2010.

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Moody’s assigns provisional ratings to Kaspi Bank (Kazakhstan) bonds

Moody's assigns provisional ratings to Kaspi Bank (Kazakhstan) bondsMoody’s Investors Service has today assigned a provisional (P)B1 long-term local currency senior unsecured debt rating to the senior unsecured issuances under the KZT100 billion (approximately USD676 million) domestic bond programme of Kaspi Bank. Any subsequent senior unsecured debt issuance by Kaspi Bank will be rated at the same rating level subject to there being no material change in the bank’s overall credit rating.

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EXPECTATIONS ABOUT KAZAKHSTAN’S ECONOMY: OUTLOOK BY INDEPENDENT EXPERTS

EXPECTATIONS ABOUT KAZAKHSTAN’S ECONOMY: OUTLOOK BY INDEPENDENT EXPERTSKazakhstan was the world’s top business reformer over the course of the last year according to the World Bank’s 2011 Doing Business Report, an accolade which is expected to help facilitate higher domestic and foreign investment spending over the coming years and support the administration’s longer-term strategy to diversify the oil-dependent economy. Kazakhstan rose 15 places up the world rankings in 2011, coming in at 59th out of 183 countries up from 74th in 2010. As such, Kazakh President Nursultan Nazarbayev’s pledge last year to develop Kazakhstan’s business environment to become one of the 50 best in the world by 2020 now seems easily achievable within the set timeframe.

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Moody’s downgrades Bank CenterCredit (Kazakhstan) ratings

Moody's downgrades Bank CenterCredit (Kazakhstan) ratingsMoody’s Investors Service has today downgraded the long-term foreign-currency deposit rating of Bank CenterCredit (BCC) to B1 from Ba3. BCC’s global long-term local and foreign-currency senior unsecured debt ratings were also downgraded to B2 from Ba3 and B1, respectively, and its junior subordinated foreign-currency debt rating to Caa1(Hyb) from B3(Hyb). Concurrently, Moody’s assigned B1/Not Prime local-currency deposit ratings to the bank. The rating actions follow Moody’s assessment of BCC’s audited financial statements for 2010, prepared under IFRS.

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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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