Fitch rates Halyk Bank notes BB+

Fitch Ratings said it assigned a BB+ rating to HSBK (Europe) BV's upcoming dollar-denominated issue of unsecured senior notes. Proceeds will be deposited with Kazakhstan-based JSC Halyk Bank, which will unconditionally and irrevocably guarantee the timely and full repayment of the notes. The outlook is stable.

The notes will rank at least pari passu with the claims of other unsecured and unsubordinated creditors of the issuer and Halyk, save those preferred by relevant laws. Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors. At the end of 2005, retail deposits accounted for around 27% of Halyk's total liabilities, the agency said.

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