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Fitch rates Development Bank of Kazakhstan's medium term notes 'BBB'

Business Materials 30 November 2012 16:17 (UTC +04:00)

Azerbaijan, Baku, Nov. 30 / Trend E. Kosolapova/

Fitch Ratings has assigned the Development Bank of Kazakhstan's $1 billion medium term notes a Long-term rating of 'BBB'.

The medium term notes mature in December 2022, carry a coupon rate of 4.125% payable semi-annually and have been issued for refinancing purposes. They will rank pari passu with the bank's senior unsecured obligations.

Development Bank of Kazakhstan (issued 10-year Eurobonds worth $1 billion with a maturity of 10 years on Nov. 26.

Development Bank of Kazakhstan's primary role is to foster development of the country's non-extracting sectors. Kazakh Sovereign Wealth Fund Samruk Kazyna, which is wholly owned by the government of Kazakhstan ('BBB+'/Stable), controls 100 percent of the bank's share capital.

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