Fitch rates Kazkommerts notes BB, B+

Fitch Ratings said it assigned Kazkommerts International BV's new $1.5 billion guaranteed debt issuance program final ratings of long-term BB and short-term B. It has also assigned a final long-term BB rating to the debut $500 million 8% issue under the program due 2015.

The notes under the program are unconditionally and irrevocably guaranteed by Kazakhstan's Kazkommertsbank (KKB), rated long-term BB/stable, short-term B, individual C/D, support 3.

Also today, Fitch has assigned Kazkommerts Finance 2 BV's $100 million issue of limited recourse perpetual loan participation notes a final long-term B+ rating. The notes have been issued solely for financing a subordinated loan to Kazkommertsbank, which is intended to qualify as Tier 1 capital under Kazakhstani regulations.

Kazkommertsbank was the largest commercial bank in Kazakhstan by IFRS assets at end-H105 and has top three positions in all major market segments.

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