Fitch rates Bank Center Credit eurobond BB-

Fitch Ratings said it assigned Center Credit International BV's upcoming eurobond issue an expected long-term BB- rating. Bank Center Credit, rated long-term BB- with stable outlook, short-term B, individual D and support 3, will unconditionally guarantee timely and full repayment of the notes in a trust deed between itself and the trustee, Deutsche Trustee Co. Ltd. The final rating is contingent upon final documentation conforming with documents already received.

The terms and conditions of the notes specify that obligations of Bank Credit Center under the guarantee will rank at least equally with claims of other unsecured creditors, save those preferred by relevant laws. Under Kazakhstani law, the claims of retail depositors and account holders rank above those of other senior unsecured creditors, Fitch said.

Should any securitization be undertaken by Bank Center Credit, Fitch said the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors.

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