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S&P assigns Novacom B
S&P assigned a B/B rating to Novacom Corp. LLP. Novacom is a holding company created by BTA Bank’s majority owner.
Novacom is expected to increase its BTA stake to at least 97% in the next 12 months, the agency said.
S&P also assigned a kzBB Kazakhstan national scale rating to the company.
S&P said it understands Novacom sold bonds of KZT 40 billion on the Kazakhstan Stock Exchange and will raise an added KZT 25 billion to participate in a real estate development project.
The outlook is stable and mirrors S&P’s estimate that the group will gradually reduce its problem assets, with adequate cash proceeds to cover liquidity needs, S&P said.
The agency also affirmed BTA’s B/B rating and kzBB rating.
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