Fitch rates Bank TuranAlem eurobond BB+

Fitch Ratings said it assigned TuranAlem Finance BV's upcoming dollar-denominated 30-year eurobond issue an expected BB+ long-term rating. The issue is to be guaranteed by Bank TuranAlem, rated long-term foreign-currency issuer default BB+/positive outlook, long-term local-currency issuer default rating BBB-/stable outlook, short-term foreign-currency issuer default rating B, short-term local-currency issuer default rating F3, individual C/D, support 3 and support rating floor BB+.

Final ratings are contingent upon the receipt of final documents.

The bank is one of the two largest commercial banks in Kazakhstan, with top three positions in all major markets segments, Fitch said.

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