S&P has assigned rating "ВВ" to eurobonds of Development bank of Kazakhstan

27.09.02 00:00
/REUTERS, London-Moscow, September 27, 02/ - International rating agency Standard & Poor's Ratings Services assigned on Friday rating "ВВ" to mid-term program of borrowings of Development bank of Kazakhstan, according to which there is to be made eurobonds issue in the amount of $400m in 2002-2005. The program was approved in the beginning of September, and on Friday Development bank floated the first issue within the framework of it having sold eurobonds in the amount of $100m. "Ratings of Development bank reflect the important role of the bank in realizing of policy of the country's Government (rating of liabilities in domestic currency "ВВ+", liabilities in foreign currency "ВВ" with positive outlook), and also the gfact that it is entirely state rating and on this reason it has good chances for getting of Government's support", - said an analyst of Standard & Poor's Luk Marshan. He added that rating of Development bank is also supported by conservative policy of the bank's borrowings and absence at Kazakhstan banking sector of other financial institutions, which give long-term credits. [2002-09-27]