Moody's rates Kazakhstan Engineering notes Ba2

Moody's Investors Service said it assigned a definitive rating of Ba2, with a loss given default of LGD5/70%, to the $200 million of three-year notes issued by JSC National Co. Kazakhstan Engineering.

In addition, the agency upgraded the group's probability of default rating to Ba1-PD from Ba2-PD as a result of applying a 35% recovery rate at the corporate family rating level, used for all-bond debt capital structures.

The outlook is stable.

Moody's said the Ba2 definitive bond rating is equivalent to Kazakhstan Engineering's Ba2 corporate family rating, and the provisional rating assigned to the bond on Nov. 8, and reflects (a) the fact that Kazakhstan Engineering has refinanced all of its financial debt ranked senior to the bond; and (b) the rating agency's expectation that Kazakhstan Engineering will raise any new debt on an unsecured basis and at the holding company level.

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