Moody's rates Halyk notes Baa2

Moody's Investors Service said it assigned a Baa2 rating with a stable outlook to the upcoming $200 million issue of senior unsecured notes by Halyk Bank (Kazakhstan).

The rating of the senior unsecured bond issue has pierced Kazakhstan's sovereign ceiling of Baa3 for bonds; the level of the rating reflects the important role the bank plays in the country's economy, the agency said.

Moody's noted that the likelihood of Halyk Bank receiving support from the government in case of distress is very high and is the primary driver of the bank's senior bond rating. The rating also takes into account the fact that Halyk Bank is the third-largest bank in Kazakhstan, maintaining very strong positions in the Kazakhstani banking market, with a particular focus on retail and small and medium-sized companies.

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