Moody's downgrades Kazakhstan Mortgage

Moody's Investors Service said it downgraded to B2 from B1 the long-term local-currency issuer rating of Kazakhstan Mortgage Co., a government-related issuer.

The outlook is negative.

The downgrade was triggered by the deterioration of the company's credit profile, Moody's said, and reflects ongoing recurring losses that increased in the first six months of 2011.

The downgrade also considered the unclear prospects of the company's business profile given the ongoing reduction of the company's loan book for the third successive year since 2009, the agency said.

The ratings are supported by the currently high level of capital adequacy and reasonable cushion of liquid assets, Moody's said.

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