S&P affirms Mortgage Guarantee Fund of Kazakhstan

Standard & Poor's said it affirmed its BB long-term issuer credit rating on the Mortgage Guarantee Fund of Kazakhstan (JSC).

At the same time, the agency said that the kzA+ Kazakhstan national-scale rating was affirmed.

At the same time, both ratings were removed from CreditWatch with negative implications, where they had been placed on Oct. 2 and Oct. 9, respectively, following the lowering of the ratings on the Republic of Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3, Kazakhstan national-scale kzAAA), S&P said.

The outlook is stable.

According to the agency, the ratings on Mortgage Guarantee Fund of Kazakhstan, which is 100% controlled by Ministry of Finance and the National Bank, reflect its short track record, weak and deteriorating financial performance, arising from the need to increase personnel spending, volatile returns on investments and a limited-scale of operations.

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