Baku, Azerbaijan, Nov. 8
By Elena Kosolapova - Trend: Standard & Poor's Ratings Services assigned its 'BB+' long-term issue rating and 'kzAA-' Kazakhstan national scale rating to the proposed Kazakhstani tenge 10 billion (about $65 million) senior unsecured bond to be issued by Kazakh Agrarian Credit Corporation, the agency reported.
The bonds will be issued in December 2013.
KACC is the Kazakhstan government's tool for providing cheap lending to the agricultural sector.
KACC is issuing the bond under its 30 billion tenge second issuance program. The bond will have a maturity of three years and will bear a 7 percent fixed interest rate with semiannual coupon payments during this period.
The ratings on the bond mirror those on the issuer.
The ratings on KACC reflect its stand-alone credit profile, which Standard & Poor's assess at 'b+', and our opinion of a "high" likelihood of timely and sufficient extraordinary support from the Kazakh government in the event of financial distress.
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