Moody's rates Eurasian Bank bonds B1, B2

Moody's Investors Service said it assigned B1 ratings to Eurasian Bank (Kazakhstan)'s 10 billion in Kazakhstan tenge senior unsecured regular bond due 2023 and 5 billion in Kazakhstan tenge senior unsecured regular bond due 2019, along with B2 ratings to its 5 billion in Kazakhstan tenge subordinate regular bond due 2015 and 15 billion in Kazakhstan tenge subordinate regular bond due 2023.

The outlook is negative, in line with the negative outlook on the bank's long-term deposit ratings.

Moody's said the notes will rank at least pari passu with the claims of all other unsecured and unsubordinated creditors of the bank, except for those claims that are preferred by any law.

The B2 rating, which is one notch below the bank's deposit rating, takes into account the extent of the bonds' subordination to senior classes of debt, the agency said.

The negative outlook reflects pressure on the bank's credit profile from Kazakhstan's sustained tough credit conditions, Moody's added.

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