S&P rates KazAgro BBB+

Standard & Poor's said it assigned BBB+ long-term and A-2 short-term issuer credit ratings to KazAgro National Management Holding JSC, the primary vehicle for providing government financial support for the developing of the agricultural sector and rural areas.

The agency also assigned a kzAAA Kazakhstan national scale rating to the company.

The outlook is stable.

The agency said it equalizes the ratings on KazAgro with the ratings on its sole owner, the Republic of Kazakhstan, based on an assessment that there is an almost certain likelihood that the government would provide timely and extraordinary support sufficient to service all debt, should the need arise.

The group credit profile of KazAgro is B+ and balances the company's adequate capitalization and strong market position with its exposure to a cyclical and risky sector, directed lending and tight liquidity profile, S&P said.

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