S&P rates National Management BBB+

Standard & Poor’s said it assigned BBB+ foreign-currency and A-2 local-currency counterparty credit ratings to National Management Holding Baiterek, along with a kzAAA Kazakhstan national scale rating.

The outlook is negative.

The ratings reflect the classification of Baiterek as a government-related entity and an assessment that there is an almost certain likelihood that the government of Kazakhstan would provide timely and extraordinary support to Baiterek if it ran into financial difficulties, S&P said.

Baiterek has a clearly defined and strategic public policy role assigned by the government of Kazakhstan, very strong capitalization and strong liquidity, the agency said.

Partly offsetting these strengths are Baiterek’s weak loss track record with high levels of nonperforming loans, low core profitability and concentrated wholesale funding, S&P said.

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