Moody's rates Kazkommertsbank notes Baa2

Moody's Investors Service said it assigned a Baa2 rating with a stable outlook to the $150 million subordinated loan participation notes issued by special-purpose vehicle Kazkommerts Finance 2 BV, which is a wholly owned subsidiary of Kazkommertsbank of Kazakhstan.

The notes will be issued on a limited-recourse basis for the sole purpose of financing a subordinated loan to Kazkommertsbank.

The 10-year issue, callable after five years, carries a coupon of 8 5/8%, with interest rate step-up after the first five years.

Moody's said the level of the rating reflects the important role Kazkommertsbank plays in the country's economy.

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