S&P rates Mortgage Guarantee Fund of Kazakhstan

Standard & Poor's said it assigned its BB long-term foreign currency counterparty credit rating to the Mortgage Guarantee Fund of Kazakhstan JSC (MGFK).

The outlook is stable.

At the same time, an A+(kz) Kazakhstan national-scale rating was assigned to MGFK.

S&P noted the ratings on MGFK reflect the start-up nature of the company, whose business is focused on the provision of mortgage guarantees in Kazakhstan.

The Kazakh mortgage sector is immature, its growth is difficult to predict and there is no data available on mortgage default rates nationally, the agency said, adding the risks are partially mitigated by the support MGFK receives from the Republic of Kazakhstan (foreign currency, BBB-/stable/A-3, local currency, BBB/stable/A-3, national-scale AAA(kz)), its strong liquidity and absence of debt at present.

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