Moody's has assigned "Baa3" rating to Development Bank of Kazakhstan CJSC
11.03.03 00:00
/IRBIS, March 11, 03/ - Moody's has assigned an issuer rating of Baa3 to the
Development Bank of Kazakhstan. The rating takes into account the important
role the bank is playing as the sole development bank in the country, whose
main mission is to support the development of priority sectors of the
Kazakhstani economy, says Moody's.
The rating is fully based on the 100% ownership of the bank by the government
of Kazakhstan and regional authorities, and the high probability of support in
case of need. The rating has been placed at the sovereign ceiling for such
ratings in Kazakhstan, reflecting Moody's belief that the Kazakhstani
government is firmly committed to supporting the bank, if necessary. The
outlook for the bank's issuer rating of Baa3 is stable, reflecting the outlook
for Kazakhstan's foreign currency debt ceiling.
Development Bank of Kazakhstan is headquartered in Astana, and at December
31 2002 had total assets of US$370 million.
Limassol
Elisabeth Jackson-Moore
Managing Director
Financial Institutions Group
Moody's Interbank Credit Service Ltd.
357-25-586586
Limassol
Pavel Simacek
Vice President - Senior Analyst
Financial Institutions Group
Moody's Interbank Credit Service Ltd.
357-25-586586
[2003-03-11]