Fitch Rates JSC SB Alfa Bank Kazakhstan’s KZT4.5bn Series 2 Bonds Final ‘B+’
Oct 2. Reuters
Fitch Ratings has assigned JSC SB Alfa Bank Kazakhstan’s (ABK) KZT4.5bn Series 2 senior unsecured bonds a final Long-term local currency rating of ‘B+’ and National Long-term rating of ‘BBB(kaz)’. The Recovery Rating is ‘RR4’.
The bonds carry a fixed semi-annual coupon of 7% and have a maturity date five years from the issuance date. No put option is envisaged. The bank would seek to obtain a local exchange listing for the issued bonds.
For key rating drivers and rating sensitivities, see “Fitch Assigns JSC SB Alfa Bank Kazakhstan Forthcoming Series 2 Bonds ‘B+(EXP)’ Expected Rating”, dated 01 August 2013 at www.fitchratings.com.
The issuer’s other ratings are unaffected:
Long-term foreign-currency Issuer Default Rating (IDR): ‘B+’; Outlook Stable
Short-term foreign-currency IDR: ‘B’
Long-term local-currency IDR: ‘B+’; Outlook Stable
National long-term rating: ‘BBB(kaz)’; Outlook Stable
Viability Rating (VR): ‘b+’
Support Rating (SR): ‘4’