OREANDA-NEWS. June 27, 2011. Development Bank of Kazakhstan (Astana), whose bonds are  officially listed at Kazakhstan Stock Exchange (KASE), has provided KASE with  the following press-release of June 24: On June 17, 2011 the international rating agency affirmed the issuer's foreign currency denominated default long-term rating of Development Bank of Kazakhstan  (DBK) at "BBB-" with the outlook "negative".

According to Fitch Ratings, DBK's current credit rating reflects the likelihood  of government support, special legal status of the Bank and its role in  implementation of the government policy associated with financing strategic investment projects. DBK's rating is at the same level as the sovereign rating  of the Republic of Kazakhstan, which is a proof of the rightness of the chosen strategy and policy of DBK, as well as successful implementation of DBK's targets.

The report points out the practice of increasing the authorized capital, significant volume of liquid assets, and a high level of DBK's financial  soundness. Fitch Ratings also stresses a decrease in the ratio of DBK's own capital sufficiency - k1, calculated according to international financial reporting standards, to 17.8% with the norm of 4% as at the year end 2010.

It should be pointed out that a decrease in capital sufficiency was seen across the entire banking system as a result of the financial crisis, since many banks tried at that time to create a financial pillar against possible losses in the form of additional provisions at the account of own capital.