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Moody's rates Kazakhstan Mortgage Baa3
Moody's Investors Service said it assigned Baa3 long-term and prime-3 short-term local- and foreign-currency issuer ratings to Kazakhstan Mortgage Co. JSC.
The outlook is stable.
Moody's also said it assigned an Aa1.kz national scale issuer rating.
The ratings benefit from an expectation of very high support from its immediate parent, Baiterek National Management Holding, JSC, which is 100% owned by the government of Kazakhstan, the agency said/
Moody's also said it considers the company's adequate capitalization and profitability, exposure to mortgage and the volatile real estate sector and potentially vulnerable liquidity.
The very high support from Baiterek reflects the company's strategic importance due to its special mandate to develop residential housing in the country, including mortgage lending and social housing rent, the agency said.
Kazakhstan Mortgage's policy mandate exposes it to housing sector, which is rather cyclical and depends significantly on dynamics of real disposable income of population, interest rates, construction activity and real estate prices, Moody's said/
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