S&P rates Development Bank of Kazakhstan notes BBB-

Standard & Poor's said it assigned a BBB- senior unsecured debt rating to Development Bank of Kazakhstan's (BBB-/stable/A-3) upcoming issuance under its enlarged $1 billion Euro medium-term note program, which was increased from the $400 million launched in 2002.

S&P said the ratings on the bank reflect its clearly defined public policy role for the government of the Republic of Kazakhstan (BBB-/stable/A-3), its100% public sector ownership and state support, its conservative leverage policies and the lack of alternative domestic suppliers of long-term credit to the Kazakh economy.

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