Fitch rates Kazkommerts notes BB+

Fitch Ratings said it assigned Kazkommerts International BV's upcoming senior unsecured notes issue an expected long-term BB+ rating.

The notes will be offered under the $3 billion guaranteed debt issuance program, rated long-term BB+ (for foreign-currency notes with maturities in excess of one year) and short-term B (for foreign-currency notes with maturities of less than one year). The notes are unconditionally and irrevocably guaranteed by Kazakhstan's Kazkommertsbank, rated foreign-currency issuer default BB+ with positive outlook. The final ratings are contingent upon receipt of final documentation conforming materially to information already received.

The notes will rank at least equally with all present or future unsecured and unsubordinated obligations of the bank, save those preferred by relevant law.

Kazkommerts' other ratings are short-term foreign-currency B, local-currency issuer default BBB- with stable outlook, short-term local-currency F3, individual C/D and support 3.

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