S&P ups Mortgage Guarantee Fund of Kazakhstan view to positive

Standard & Poor's said it revised its outlook on the Mortgage Guarantee Fund of Kazakhstan (JSC) (MGFK) to positive from stable, following the outlook revision on the Republic of Kazakhstan (foreign currency, BBB-/positive/A-3, local currency, BBB/positive/A-3, national-scale AAA(kz)) and continuing strong state support.

At the same time, the BB long-term foreign currency counterparty credit rating on the company and the A+(kz) Kazakhstan national-scale rating were affirmed.

S&P said that 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 agency added that the Kazakh mortgage sector is immature, its growth is difficult to predict and the inherent risks are hard to evaluate due to the lack of empirical evidence on national mortgage default rates.

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