Moody's rates CenterCredit notes Ba1

Moody's Investors Service said it assigned a Ba1 long-term rating to the senior unsecured foreign currency notes expected to be issued by CenterCredit Bank (Kazakhstan) in January.

The outlook is positive.

Moody's said the Ba1 rating incorporates potential support from the Kazakhstani authorities in the event of need, in reflection of CenterCredit Bank's importance to the national banking system as the country's fourth-largest bank with a significant market share in banking assets and the fourth-largest collector of customer deposits as of third quarter 2004.

However, the rating agency cautioned that any outside support from the authorities in case of distress might be of a limited nature and its volume and timeliness uncertain, thus preventing Moody's from rating the senior unsecured notes at the same level as the Baa3 country ceiling.

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