Moody's assigns Ba3 to Food Contract bonds

Moody's Investors Service said it assigned a provisional Ba3 rating to the proposed tenge-denominated senior unsecured bonds of JSC National Company Food Contract Corp., the largest grain trader in Kazakhstan.

Food Contract will use the proceeds of the bonds, which will amount to KZT 40 billion, to refinance its existing debt.

Given the bonds proposed seven-year maturity, Moody's said it expects that Food Contract will benefit from a strengthened liquidity profile and debt portfolio profile as a result of the transaction.

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