Moody's: TuranAlem, other banks positive

Moody's Investors Service said it changed to positive from stable the outlooks for the Ba1 long-term foreign currency deposit ratings assigned to the following Kazakhstani banks: Bank CenterCredit, Bank TuranAlem, Halyk Bank and Kazkommertsbank.

The outlook on the Baa3 rating of subordinated loan participation notes issued by, but without recourse to, Citigroup Global Markets Deutschland AG & Co. KGaA for the sole purpose of financing a loan to Kazkommertsbank has also been changed to positive from stable.

Moody's said this rating action reflects Moody's belief that the large and important banks in Kazakhstan are likely to receive support from local authorities in case of distress; it follows the recent change in outlook on the Ba1 long-term foreign currency deposit and Baa3 long-term foreign currency debt ceilings to positive from stable by Moody's sovereign team.

Moody's has also upgraded to Baa2 from Baa3 ratings of foreign currency senior unsecured notes issued by TuranAlem Finance BV, unconditionally and irrevocably guaranteed by OJSC Bank TuranAlem of Kazakhstan.

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