S&P rates Bank TuranAlem bond

Standard & Poor's said it assigned its BB- senior unsecured debt rating to a $300 million 10-year guaranteed bond issued by Kazakhstan-based Bank TuranAlem (BB-/stable/B) through a Netherlands-based special purpose vehicle, TuranAlem Finance BV on March 11. The bond issue is guaranteed by Bank TuranAlem.

S&P said the ratings on Bank TuranAlem reflect its strong market position in commercial and retail banking, its relatively diversified client base in loans and deposits, and its growing retail funding base.

These strengths are offset by the rapid expansion of loans in recent years, which has pressured capital and leaves Bank TuranAlem vulnerable to an economic downturn. In addition, the Kazakh economic and banking environment, with limited and concentrated lending opportunities, increases risks for all banks operating in the country.

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