S&P: Kazkommertsbank unchanged

Standard & Poor's said its BB- senior unsecured debt rating on the $350 million 7.0% notes due 2009 issued by Kazkommerts International BV remain unchanged.

S&P said this follows a proposed increase in the issue amount to $500 million. The notes are

guaranteed by Kazakhstan-based Kazkommertsbank (JSC) (BB-/positive/B).

S&P said the ratings on Kazkommertsbank reflect the improving Kazakh economic environment, the bank's strong domestic franchise, more diversified funding profile and rapid loan growth.

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