Fitch rates Kazkommertsbank notes BB

Fitch Ratings said it assigned an expected long-term rating of BB to Kazkommerts Finance 2 BV's upcoming 10-year issue of limited recourse loan participation notes, with an interest rate step-up.

The notes will be used for financing a subordinated loan to JSC Kazkommertsbank under a subordinated loan agreement. The issuer will pay holders any amounts received under the subordinated loan agreement.

Kazkommertsbank has a foreign-currency issuer default rating of BB+ with a positive outlook. The BB rating of the subordinated notes is in line with the agency's standard notching practice for subordinated instruments of issuers with issuer default ratings of BB- or higher, Fitch said. Other ratings are short-term foreign-currency B, local-currency issuer default rating BBB- with a stable outlook, short-term local-currency F3, individual C/D and support 3.

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