S&P: Kazakh Agrarian notes BB

Standard & Poor's said it assigned a BB long-term debt rating and kzA+ Kazakhstan national scale rating to the proposed Kazakhstani tenge 3 billion senior unsecured debt issue to be placed in 2011 by Kazakh Agrarian Credit Corp.

The company is a state-owned provider of subsidized credit to agricultural and nonagricultural businesses in rural areas throughout the Republic of Kazakhstan, the agency said.

The company is issuing the bond under its Kazakhstani tenge 6 billion issuance program for 2011 to 2012. The bond will have a maturity of three years and semiannual coupon payments.

The ratings on the bond mirror those on the issuer, S&P said.

The ratings reflect its stand-alone credit profile and the high likelihood of timely and sufficient support from the Kazakh government in the event of financial distress, the agency said.

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