S&P gives Kazakh Agrarian bond BB+

Standard & Poor's said it assigned its BB+ long-term issue rating and kzAA- Kazakhstan national scale rating to the proposed KZT 10 billion (about $65 million) senior unsecured bond to be issued in December by Kazakh Agrarian Credit Corp. (BB+/stable/B; kzAA-).

Kazakh Agrarian is issuing the bond under its KZT 30 billion second issuance program. The bond will have a maturity of three years and will bear a 7% fixed-interest rate with semiannual coupon payments during this period.

The ratings on the bond mirror those on the issuer.

S&P said the ratings on Kazakh Agrarian reflect its stand-alone credit profile, which is assessed at b+, and the opinion of a "high" likelihood of timely and sufficient extraordinary support from the Kazakh government in the event of financial distress.

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