S&P gives Kazkommerts notes BB+

Standard & Poor's said it assigned an indicative BB+ debt rating to proposed senior unsecured notes issued by Kazkommerts International BV.

These notes will be issued from the Kazkommerts International $1.5 billion senior unsecured note program, which is unconditionally and irrevocably guaranteed by Kazkommertsbank JSC (KKB, BB+/stable/B), S&P said, noting that the issue size is €300 million with a five-year maturity and coupon of 5.125%.

S&P added that the ratings on KKB reflect the rapid loan growth and significant concentrations in lending and funding in a high-risk economic and banking environment.

The ratings also factor in likely government support, in the event of a financial or systemic crisis, the agency noted.

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