Fitch gives Halyk Bank notes BB+

Fitch Ratings said it assigned HSBK (Europe) BV's upcoming dollar-denominated issue of unsecured senior notes an expected long-term BB+ rating. The final rating is contingent on the receipt of final documents.

Proceeds from the issue of the notes will be deposited with Kazakhstan's JSC Halyk Bank, which is rated foreign-currency issuer default BB+ with positive outlook, local-currency issuer default BBB- with stable outlook, short-term foreign-currency B, short-term local-currency F3, individual C/D and support 3.

The obligations of Halyk under the guarantee will rank at least equally with claims of other unsecured and unsubordinated creditors of Halyk, save those preferred by relevant laws, Fitch said.

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