Fitch rates Kazkommerts notes BB+

Fitch Ratings said it assigned Kazkommerts International BV's €300 million five-year 5.125% notes an expected long-term BB+ rating.

The issue will be made under the $1.5 billion guaranteed debt issuance program rated long-term BB+ and short-term B, the agency said.

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

KKB's other ratings include foreign currency short-term at B, local currency issuer default at BBB- with a stable outlook, local currency short-term at F3, individual at C/D and support 3.

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