Development Bank of Kazakhstan says agency Standard & Poor's downgraded ratings of bank and bonds, outlook negative

01.07.17 17:26
/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]