Fitch rates Kazkommertsbank notes BB

Fitch Ratings said it assigned Kazkommerts International BV's upcoming issue of senior notes an expected long-term BB rating. The notes are to be guaranteed by Kazakhstan-based Kazkommertsbank.

At the same time, Fitch affirmed the bank's ratings at long-term BB, short-term B, individual C/D and support 3. The outlook is stable.

Fitch noted that Kazkommertsbank's ratings reflect its track record of good profitability and risk management and strong franchise in Kazakhstan.

However, Fitch said they also take into account the difficult, albeit improving, operating environment, the potential credit risk associated with rapid loan growth and the relatively high level of concentration in customer lending and funding.

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