/KASE, July 1, 2017/ – Development Bank of Kazakhstan (Astana, Bank),
whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has
informed KASE of the following:
quote
... S&P Global Ratings (Agency) has downgraded the Bank's long-term and
shirt-term credit ratings in foreign and local currencies to " ВВ+/В" from
"ВВВ-/А- 3", outlook is negative.
At the same time the Bank's ratings of priority unsecured debentures (ISIN
XS0860582435, XS0248160102, XS0220743776, MYBVI1202859) were
downgraded by the Agency to "ВВ+" from "ВВВ-". The national scale rating was
downgraded from "kzAA" to "kzAA-".
The Bank's ratings were downgraded as the Agency believes that due to the
cases of delays in the state support of several state-related organizations over
the past 18 months indicate that the state hesitates to provide resources for
the timely repayment of state-related organizations’ obligations.
The negative outlook reflects the long-term credit ratings of Kazakhstan.
unquote
Full information is available on KASE website at
http://www.kase.kz/files/emitters/BRKZ/brkz_change_rating_300617.pdf
[2017-07-01]