Moody's: Development Bank up to positive

Moody's Investors Service said it changed to positive from stable the outlook on both the Baa3 issuer rating of the Development Bank of Kazakhstan and the Baa3 rating of the bank's $400 million EMTN program following the recent outlook change to positive from stable on Kazakhstan's Baa3 long-term foreign currency debt ceilings by Moody's sovereign team.

Moody's said Development Bank's current ratings take into account its key role as the sole development bank in the country, with the principal mission of supporting the development of priority sectors of the Kazakhstani economy.

The ratings are fully based on the bank's 100% ownership by the government of Kazakhstan and regional authorities and the high probability of support in case of need, according to Moody's.

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