Moody's rates Development Bank of Kazakhstan bonds Baa3

Moody's Investors Service said it assigned a Baa3 long-term foreign-currency debt rating to the foreign-currency-denominated senior unsecured bonds issued by Development Bank of Kazakhstan under its $2 billion euro medium-term note program.

The rating assigned is in line with the bank's global foreign-currency issuer rating of Baa3.

The outlook is stable.

The bank's senior unsecured issuance is a $500 million five-year bond with a fixed 5½% semi-annual interest rate, Moody's said. This bond will rank at least pari passu with the claims of all other unsecured and unsubordinated creditors of the bank, except for those preferred by law.

The bank's ratings are constrained by high single-name credit-risk concentration and significant dependence on wholesale funding, the agency said.

Its standalone rating is underpinned by sufficient current liquidity and a relatively high capital level, Moody's added.

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