Fitch Rates Kazagrofinance's Two Tenge Bonds 'BBB-', Rating Watch Negative
Fitch Ratings-London/Moscow-24 February 2009: Fitch Ratings has today assigned Long-term local currency ratings of 'BBB-' (BBB minus) with Rating Watch Negative to Kazagrofinance's (KAF) KZT3bn and KZT10bn five-year senior unsecured domestic bond issues. These bonds are issued under KAF’s domestic bond programme of KZT30bn. The bond prospectuses do not contain any financial or other covenants. KAF was established in 1999 as a development finance institution to provide credit facilities (predominantly finance leases) for the domestic agriculture industry. The company is a part of JSC National Holding Kazagro (owned by the government), which also runs a number of other financial institutions that support economic development in rural areas.