Moody's rates Halyk Bank notes Ba3

Moody's Investors Service said it assigned a rating of Ba3 to Halyk Bank's $500 million of 10-year senior unsecured notes with a yield of 7½%.

The outlook is stable.

The rating is based on the fundamental credit quality of Halyk Bank, as reflected in its Ba3 baseline credit assessment.

Moody's said it assumes no probability of systemic support for the bank's debt ratings and consequently there is no notching uplift for the ratings of the senior unsecured notes.

The rating is underpinned by the bank's leading market position in Kazakhstan and its acceptable liquidity, the agency said.

It also takes into account the risks associated with the bank's still weak asset quality, Moody's added.

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