Fitch rates TechnoLeasing bonds B-

Fitch Ratings said it assigned TechnoLeasing LLC’s first local currency senior unsecured bond issue a B-rating in line with its local-currency issuer default rating.

“TL is a small leasing company operating in Kazakhstan that focuses on leasing agricultural equipment. Its portfolio is concentrated by lessees and industries. The IDRs reflect TL’s small franchise, elevated refinancing risk and concentrated business model. TL’s ratings also reflect a track record of acceptable performance and access to government subsidized funding,” said Fitch in a press release.

The proceeds will be used mainly to finance new leasing deals.

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