Moody's rates Kazkommertsbank notes Baa2

Moody's Investors Service said it assigned a rating of Baa2 (stable outlook) to the issue of senior unsecured notes by Kazkommerts International BV, unconditionally and irrevocably guaranteed by Kazkommertsbank of Kazakhstan.

Moody's said the level of the rating reflects the important role the bank plays in the country's economy.

Moody's notes that the likelihood of Kazkommertsbank receiving support from the government in case of distress is very high and is the primary driver of the ratings.

The ratings also take into account the fact that Kazkommertsbank is the largest bank in Kazakhstan and over a relatively short period has been able to develop an important franchise in the domestic, corporate and retail markets, according to Moody's.

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