Moody's changes ratings for some Kazakhstan firms

Moody's Investors Service published the results of an examination of financial institution ratings in Kazakhstan in light of the revision of its rating methodology for assigning foreign currency country bond ceilings.

Below is a list of affected financial institutions in Kazakhstan including the rating changes resulting from the application of the methodology.

Development Bank of Kazakhstan - issuer rating, foreign currency, upgraded to Baa1 from Baa3; outlook changed to stable from under review for upgrade; senior unsecured debt rating, foreign currency, upgraded to Baa1 from Baa2; outlook changed to stable from positive.

Kazkommertsbank - senior unsecured debt rating, foreign currency, upgraded to Baa1/P-2 from Baa2/P-3; outlook remains stable; subordinated debt rating, foreign currency, upgraded to Baa2 from Baa3; outlook remains stable.

Bank TuranAlem - senior unsecured debt rating, foreign currency, upgraded to Baa1 from Baa2; outlook remains stable; subordinated debt rating, foreign currency, affirmed at Baa2/stable; junior subordinated debt rating, foreign currency, affirmed at Baa3/stable.

Halyk Savings Bank of Kazakhstan - senior unsecured debt rating, foreign currency, upgraded to Baa1 from Baa2; outlook remains stable.

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