Moody's rates Kaspi Bank notes B1

Moody's Investors Service said it assigned a provisional long-term foreign-currency senior unsecured debt rating of provisional B1 to JSC Kaspi Bank's U.S. dollar-denominated notes to be issued directly by the bank.

The outlook is stable.

The provisional B1 rating assigned to the notes is based on the fundamental credit quality of Kaspi Bank JSC, and is aligned with its baseline credit assessment of b1.

Moody's said the provisional B1 rating is underpinned by the bank's established retail lending franchise, sound profitability and healthy capital buffer. However, it also takes into account the potential vulnerability of the bank's business to the volatile operating environment, especially against the background of rapid loan book growth.

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