OREANDA-NEWS. On January 29, 2007 Kazkommertsbank JSC (Almaty), being the listing company of Kazakhstan stock exchange (KASE), had spread the press-release of next contention, reported the press-centre of KASE:

On January 22, 2008 Standard & Poor's rating agency informed about stating of "AAA" rating of 18 deals for securitization of future money inflows to list of CreditWatch ("ratings for reconsideration") with negative outlook. Into them are included eurobonds, connected to securitization of incoming payments of Kazkommertsbank JSC (the issuer is Kazkommerts DPR Co.) of 2005A and 2006B series.

Banks stresses the attention of investors and clients, that the factor, determining the ratings of series, in relation of which these decision have been accepted, is not the rating of Bank, but rating of insurer (Ambac), which provided policies of total insurance of financial risks, guaranteeing the timely payment of main debt and percents in accordance with terms of securitization deals. In this case, decision about reconsideration of rating had followed after inclusion of rating of financial enhancement mechanism, provided by Ambac Assurance Corp. company to the list of CreditWatch with negative outlook.

"If "AAA" ratings of mentioned series are reflecting the rating of financial enhancement mechanism of Ambac, then initial ratings of these series are based upon adequacy and credit quality of pervaded assets in corresponding securitization deals, so no rating actions were undertaken in relation of them. Further activities in relation of ratings of given deals may follow after acceptance of decision about rating of financial enhancement mechanism of Ambac, being in the list of CreditWatch" - is noted in the message of S&P.