OREANDA-NEWS. August 25, 2008. International rating agency Fitch Ratings announced upgrade of the long-term issuer default rating for LLS “BTA Bank” (Russia) from B- up to B+, reported the press-centre of BTA Bank.

Moreover, the national rating with stable outlook has been upgraded up to A- as well. Other ratings of the Bank were reaffirmed as follows: short term IDR B and individual rating D/E.

Upgrade of the ratings followed “BTA Bank” JSC (Kazakhstan)’s purchase of 52% equities of LLS “BTA Bank” (Russia), reports the Agency.

The level of support for long-term IDR “no support level” has been withdrawn as now LLS “BTA Bank” (Russia) is majority-owned by “BTA Bank” JSC (Kazakhstan) and is to be fully consolidated into its reports and may count on strong support from the institutional owner.

Outlook for the long-term IDR and the national long-term ratings is qualified as “negative”. This reflects the view of the Agency on that the financial situation in Kazakhstan is not quite favorable thus affecting the support rating of LLS “BTA Bank” (Russia). However according to Mukhtar Abliazov, Chairman of the Board of Directors at BTA Bank, the possibility of a default to happen in Kazakhstan is overestimated by western experts. “No defaults and bankruptcies during the crisis suggests there is significant “stock of strength” of the banking system of Kazakhstan” – says Mr. Abliazov.