Moody's rates TuranAlem notes Baa2

Moody's Investors Service said it assigned a rating of Baa2 (stable outlook) to the issue of senior unsecured notes by TuranAlem Finance BV, unconditionally and irrevocably guaranteed by JSC Bank TuranAlem of Kazakhstan.

Moody's said the level of the rating reflects the important role the bank plays in the country's economy.

Moody's notes that the likelihood of Bank TuranAlem receiving support from the government in case of distress is very high and is the primary driver of the ratings.

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