The FINANCIAL -- Moody's Investors Service has on March 30 withdrawn Kazinvestbank's bank financial strength rating (BFSR) of E+ and the bank's long-term and short-term local currency and foreign currency deposit ratings of B2/Not Prime.

The long-term local and foreign currency deposit ratings had been placed on review for possible downgrade on 12 December 2008.

Moody's has withdrawn these ratings for business reasons following the official request from Kazinvestbank and has not been able to conclude the review for downgrade due to lack of information. Moody's notes that, as of the date of the ratings withdrawal, Kazinvestbank had no outstanding debts rated by Moody's.

Moody's was unable to conclude the review on the bank's ratings prior to the withdrawal, because of lack of information. The systemic and prolonged financial crisis in Kazakhstan resulted in a rapid deterioration of the financial strength of Kazakh banks and Moody's expects that the crisis will continue to adversely affect the banking system in the near future. As a result of these rapidly deteriorating market conditions the conclusion of the review process could potentially have resulted in negative rating implications for Kazinvestbank's long-term local currency and foreign currency deposit ratings.

Moody's previous rating action on Kazinvestbank was implemented on 12 December 2008 when the bank's deposit ratings were placed on review for possible downgrade and the bank's BFSR was affirmed at E+.

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