Moody's rates Nurbank notes Ba3

Moody's Investors Service said it assigned a Ba3 long-term rating to the $150 million 9% senior unsecured foreign currency notes due in April 2008 issued by Nurbank. The outlook is positive.

The bank's existing Ba3 long-term foreign currency deposit rating and E+ financial strength rating remain unchanged with positive outlooks.

Moody's said the rating is based on the fundamental credit quality of the bank, which factors in a limited degree of support from the Kazakhstani authorities in case of need, given the bank's increasing importance to the national banking system.

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