Fitch: CenterCredit notes B/BB+

Fitch Ratings said it assigned Bank CenterCredit's subordinated local notes a long-term local currency rating of B, a national rating of BB+(kaz) and a recovery rating of RR5.

The subordinated bonds were placed in 2005-2010. The bonds are trading in the local market and are governed by Kazakh law.

Fitch said the RR5 recovery rating and a one-notch difference between the issues' long-term local currency rating and Bank CenterCredit's issuer default rating/senior debt rating of B+ is due to lower recoveries expectation in case of default compared with senior debt.

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