Moody's rates Kazinvestbank bonds B3, program B2

Moody's Investors Service said it assigned to Kazinvestbank's 11.5 billion in Kazakh tenge multiple seniority bonds program a long-term local-currency debt rating of B2 for senior unsecured bonds issues and B3 for subordinated bonds issues.

Moody's also said it assigned a B3 long-term local-currency subordinated debt rating to the upcoming first drawdown of 4 billion in Kazakh tenge under this program. The bonds represent a subordinated unsecured claim on the bank.

The outlook is stable.

The subordinated bonds have a tenor of five years, and the interest rate is fixed at 10% per annum, the agency said.

The ratings reflect subordination of the bonds to Kazinvestbank's senior obligations, including deposits, which are rated B2 with a stable outlook, Moody's said.

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