S&P rates Kazkommertsbank bonds BB-

Standard & Poor's said it assigned its BB- debt rating to a U.S. dollar-denominated fixed-rate bond to be issued in October by Kazkommerts International BV. The bond issue is guaranteed by Kazakhstan-based Kazkommertsbank (BB-/positive/B).

S&P said the ratings on Kazkommertsbank reflect the improving Kazakh economic environment, the bank's strong domestic franchise, more diversified funding profile and rapid loan growth.

The decision of the European Bank for Reconstruction and Development (AAA/stable/A-1+) to invest into the equity of Kazkommertsbank has improved the bank's credit profile, according to S&P.

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