Moody's rates Kaspi Bank debt B1, B2

Moody's Investors Service said it assigned a provisional B1 long-term local-currency senior debt rating to the senior issuances under the KZT100 billion domestic bond program of Kaspi Bank.

Any subsequent senior debt issuance by Kaspi Bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating, the agency said.

Moody's also assigned a provisional B2 long-term local-currency subordinated debt rating to the subordinated debt issuances under the same program.

The outlook is negative.

The senior debt rating assigned to Kaspi Bank is in line with its B1 global local-currency bank deposit rating, the agency said. The obligations of Kaspi Bank to make payments under the senior bond issue will rank at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, except for those claims that are preferred by any relevant law.

The B2 subordinated debt rating, which is one notch below Kaspi Bank's deposit rating, takes into account the extent of the bonds' subordination to senior classes of debt, the agency added.

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