Moody’s rates KazAgro bonds Ba1

Moody's Investors Service said it assigned local and foreign currency provisional ratings of provisional Ba1/provisional Not Prime to the $2 billion debt issuance program of KazAgro National Management Holding JSC.

Additionally, the agency assigned the Ba1 foreign currency ratings with stable outlooks to $1 billion 4 5/8% bonds due in 2023 and €600 million 3.255% bonds due in 2019 issued under the program.

Moody’s said the ratings are equal to the Ba1/Not Prime issuer rating of KazAgro, which reflects the holding company's important role in promoting development of agriculture sector in Kazakhstan.

The rating also incorporates KazAgro's significant integration with the government, through the government's 100% ownership of the holding company and its involvement in KazAgro's business activities, the agency added.

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