/KASE, August 21, 2023/ – Microfinance Organization "KMF" LLP (Almaty),
whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press release dated August 17, 2023:
Fitch Ratings has affirmed Microfinance Organization "KMF" LLP's Long-term
Issuer Default Rating (IDR) at "B+" with a "Stable" outlook. Also, the national
long-term rating of KMF was affirmed at "BBB (kaz)" with a "Stable" outlook.
"Positive rating factors include KMF's leading market share in the microfinance
sector in Kazakhstan, a long history of stable operations in an evolving
operating environment, good profitability, a diversified and short-term loan
portfolio. KMF benefits from low exposure to direct market risk and access to
domestic and international funding, including from international financial
institutions and impact investors," Fitch Ratings said in its statement.
The "Stable" outlook reflects KMF's good competitive position relative to Kazakh
MFOs, as well as its growing business scale and gradual diversification of its
product offerings and funding base. The continued tightening of prudential
regulation has had a positive impact on KMF's competitive position, which will
create difficulties for smaller non-banking competitors.
More details are available at –