Fitch rates Kazkommertsbank note BB+

Fitch Ratings said it assigned Kazkommerts International BV's upcoming senior unsecured 10-year notes issue an expected long-term BB+ rating. The issue will be made under the $3 billion (increased from the former amount of $1.5 billion) guaranteed debt issuance program, rated long-term BB+ for foreign-currency notes with maturities in excess of one year and short-term B for foreign-currency notes with maturities of less than one year.

The notes under the program are unconditionally and irrevocably guaranteed by Kazakhstan's Kazkommertsbank, rated foreign-currency issuer default BB+ with a stable outlook.

The Kazkommertsbank guarantee of the notes will rank at least equally with all present or future unsecured and unsubordinated obligations of the bank, save those preferred by relevant provisions of law and of general application, Fitch said. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors.

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