(The following statement was released by the rating agency)
Aug 22 - Fitch Ratings has assigned the Development Bank
of Kazakhstan's (DBK) Islamic Medium Term Note Programme, which has a total
value of up to 1.5bn Malaysian Ringgits (RM) (about USD479m), a final rating of
'BBB-'. The agency has also assigned a 'BBB-' rating to the debut five-year
RM240m issue of sukuk (Islamic bonds) under the programme.
The final ratings follow the receipt of documents conforming to information
previously received by Fitch and completion of the first series of sukuk
issuance under the programme. The programme's final rating is the same as the
expected rating assigned in June (see 'Fitch Rates Development Bank of
Kazakhstan's RM1.5bn Islamic Medium Term Note Programme 'BBB-(exp)', dated 22
June 2012 at www.fitchratings.com).
The RM240m sukuk issue's rating reflects the programme's rating. The notes are
due on 3 August 2017 and carry a 'profit payment' at a rate of 5.5% payable
DBK is wholly owned by the government of Kazakhstan ('BBB'/Positive) through the
National Welfare Fund Samruk Kazyna. The bank's primary role is to foster
development of the country's non-extracting sectors.
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