FRANKFURT, June 1 - The banking systems in Kazakhstan, Russia, and Ukraine appear to be slowly but surely recovering from the worst of the financial and economic crisis of 2009-2010, Standard & Poor's said in a report on Wednesday.

"This is demonstrated by 11 upgrades and over 30 outlook changes in a positive direction we've taken on financial institutions in these three countries since April 1, 2010 compared with just two downgrades," said Standard & Poor's credit analyst Annette Ess.