S&P gives Kazkommertsbank notes BB-

Standard & Poor's said it assigned its BB- debt rating to the subordinated loan participation notes to be issued by, but without recourse to, Kazkommerts Finance 2 BV.

The subordinated loan participation notes will be issued for the purpose of financing a subordinated loan to Kazkommertsbank (JSC) (BB+/stable/B).

The ratings on the bank reflect the rapid loan growth and significant concentrations in lending and funding in a high-risk economic and banking environment, the agency said.

Furthermore, fast loan growth has pressurized capitalization, which needs to be addressed soon, S&P added.

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