S&P revised ratings of 11 Kazakhstan banks according to new methodology

S&P revised ratings of 11 Kazakhstan banks according to new methodologyStandard & Poor’s said today that it revised its ratings on 11 Kazakhstan-based banks after applying our new bank ratings criteria, which was published on Nov. 9, 2011. We’ve listed the ratings on these banks and any changes that resulted from applying our new criteria in the ratings list below. All ratings placed on CreditWatch will be reviewed within 90 days.

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Halyk Savings Bank of Kazakhstan (Kazakhstan) says Standard & Poor’s upgraded bank’s long-term credit rating to “BB”

Halyk Savings Bank of Kazakhstan (Kazakhstan) says Standard & Poor's upgraded bank's long-term credit rating to "BB"On 12 December 2011, the international rating agency Standard & Poor’s (hereinafter – S&P) announced the upgrade of long-term issuer credit rating of JSC “Halyk Bank” (hereinafter – the Bank or Halyk) to “BB” from “B+”. The short-term issuer credit rating was affirmed at “B”. The outlook on the Bank’s ratings remains stable.

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Mukhtar Ablyazov gains and chains – is he really going behind bars…?

Mukhtar Ablyazov gains and chains - is he really going behind bars…?This week, a trial at the London Royal Court took of which should determine whether Mukhtar Ablyazov, Kazakhstan’s renegade banker and majority shareholder of the country’s one-time largest bank BTA, now majority-owned by the state, is going to spend time in a British jail or continue to live in plush captivity as he has done so far. British courts seem to be somewhat less impressed by the crocodile’s tears from the Home Office which in July this year granted Ablyazov political asylum under ill-formulated and poorly based arguments.

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Mukhtar Ablyazov’s magical mystery tour: in search for Mr. P/II

Mukhtar Ablyazov’s magical mystery tour: in search for Mr. P/IIA fresh legal row in a London courtroom has shed fresh light on the destiny of obscured funds from Kazakhstan’s ailing BTA bank in the form of so-called legal defence expenses by the culprit of the entire scheme, former major shareholder and chief executive Mukhtar Ablyazov, now entrenched in a London suburb while squandering as much as he can of the stolen cash.

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