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BULLETIN: Kazkommerts International Debt Rating Unchanged After Proposed Issue Increase
Standard & Poors, Feb 2005
Abstract
LONDON (Standard & Poor's) Feb. 2, 2005--Standard & Poor's Ratings Services said today that its 'BB-' senior unsecured debt rating on the $350 million 7.0% notes due 2009 issued by Kazkommerts International B.V., a Netherlands-based special-purpose vehicle, remain unchanged. This follows a proposed increase in the issue amount to $500 million. The notes are guaranteed by Kazakhstan-based Kazkommertsbank (JSC) (KKB; BB-/Positive/B). The ratings on KKB reflect the improving Kazakh economic environment, the bank's strong domestic franchise, more diversified funding profile, and rapid loan growth. KKB has been using Kazakhstan's improved economic prospects to its advantage, attracting primary funds as well as longer-term international debt and growing its profitable lending business. The decision of the European Bank for Reconstruction and Development...
Companies mentioned in this report are: Kazkommerts International B.V.,Kazkommertsbank (JSC)
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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