Moody’s: Eurasian Development Bank notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the forthcoming senior unsecured Kazakhstani tenge-denominated notes offering of the Eurasian Development Bank.

The senior unsecured notes will rank pari passu with other unsecured debt issued by EDB.

The provisional Baa1 rating mirrors EDB's Baa1 issuer rating.

Proceeds will be used to finance the expansion of its lending and investment activities.

Moody’s said the Baa1 rating is anchored by EDB's credit strengths, which include a strong capital position and low leverage with usable equity covering 97% of gross loans outstanding and equity operations in 2016 and debt amounting to 94% of usable equity. Its liquidity position is supported by low levels of short-term debt in relation to liquid assets. Callable capital introduced in 2014 contributes to the strength of EDB's members support.

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