Moody’s has assigned Baa3 rating to USD 350mn Kazkommerts International B.V. senior unsecured notes issue, Moody’s informed.

The 10-year notes have interest of 8.5% p.a. and are guaranteed by Kazakommertsbank. The rating equals to the sovereign one and Moody’s expect the state support to the bank, if any distress, due to its importance for domestic economy.

It should be mentioned that S&P has recently upgraded long-term counterparty credit and certificate of deposit ratings of Kazkommertsbank from B+ up to BB-, the outlook is Stable. Simultaneously, S&P affirmed short-term counterparty and certificate of deposit ratings at B.

(IntelliNews 18.iv.03)