Fitch rates Kazkommerts notes B+

Fitch Ratings said it assigned Kazkommerts Finance 2 BV's upcoming issue of limited-recourse perpetual loan participation notes an expected long-term B+ rating.

The notes are to be used for financing a subordinated loan to Kazakhstan's Kazkommertsbank, which is intended to qualify as tier 1 capital under Kazakhstani regulations.

Kazkommerts will only pay noteholders amounts (principal and interest), if any, received from Kazkommertsbank under the loan agreement.

The interest rate on the notes will be fixed for the first 10 years, after which it will become a floating rate equal to Libor plus a margin, which is expected to be equal to 150% of the margin of the initial fixed rate.

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