S&P rates BI Group Development B-

S&P said it assigned B- long-term local- and foreign-currency ratings to BI Group Development, along with its B short-term local- and foreign-currency ratings and kzBB- national scale rating.

BI Group Development is a core subsidiary of parent company BI Group.

The ratings on BI Group Development reflect its strong market share of about 10% across Kazakhstan and minimal bank debt at the end of 2018, balanced by significant related-party liabilities and a lack of details regarding the financials of BI Group, S&P said.

The stable outlook reflects expectations that BI Group Development will maintain adjusted debt-to-EBITDA of less than 3x and EBITDA interest coverage of higher than 5x in the next 12 months, combined with at least stable revenues and EBITDA and a lack of liquidity shortfalls, the agency said.

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