LONDON (Standard&Poor's) March 24, 2004--Standard&Poor's Ratings Services said today it assigned its 'B' debt rating to the $100 million Subordinated Loan Participation Notes issued on a limited recourse basis by Citigroup Global Markets Deutschland AG&Co. KgaA (CGMD). The Subordinated Loan Participation Notes will be issued for the purpose of financing a subordinated loan to Kazakhstan-based Kazkommertsbank (JSC) (KKB; BB-/Stable/B). The rights and interests of CGMD as lender to KKB will be charged to a trustee for the benefit of the noteholders under a trust deed. The issue matures in 2014, but is callable after five years, subject to certain conditions, with a coupon step-up at the call date. The credit risk of the Subordinated
