Holding Ratings

Fitch Ratings

On July 14, 2014 Fitch Ratings has affirmed a «BBB+» long-term issuer default rating (IDR) in forgeign currency, long-term «A-» in national currency and short-term «F2» in foreign currency. The outlook for long-term ratings is - «Stable».

On July 13, 2015 Fitch Ratings has confirmed issuer ratings: long-term «BBB+» in foreign currency, long-term «A-» in national currency, national long-term «AAA(kaz)» and short-term «F2» in foreign currency. The outlook for long-term ratings is - «Stable».

On May 6, 2016 following the decrease of long-term IDR of the Republic of Kazakhstan in foreign currency, Fitch Ratings lowered long-term «ВВВ+» to «BBB», long-term IDR in national currency has been lowered from «A-» to «BBB», national long-term «AAA(kaz)» has been confirmed, as well as short-term «F2» in foreign currency. The outlook for long-term ratings is - «Stable».

 

On May 5, 2017, Fitch has confirmed «BBB/stable» in foreign currency (consistent with the sovereign rating). The outlook for long-term ratings is - «Stable».

Moody’s

 

On October 4, 2017, JSC «National Managing Holding «Baiterek» was rated «Baa3» on global ratings by the international rating agency Moody’s Investors Service, the outlook is - «Stable».  National long-term «Aaa.kz» was affirmed as well.

 

Holding’s Ratings reflect sovereign ratings of Kazakhstan. According to Moody’s, «Baiterek» Holding is a financial lever of the Government of the Republic of Kazakhstan and plays a major role in promoting economic development of Kazakhstan. 

 

Standard & Poor’s

 

On August 13, 2014, the Holding was rated «ВВВ+/А-2» in counterparty ratings in national and foreign currency by Standard & Poor's, as well as «kzAAA» in national ratings. The outlook is – «Negative».

On February 12, 2015, following the decrease of sovereign ratings in Kazakhstan, Standard & Poor’s lowered long-term credit ratings in national and foreign currency from «ВВВ+» to «ВВВ». At the same time, short-term issuer default ratings in foreign and national currency have been confirmed at «А-2». The outlooks is – «Negative». National «kzAAA» has been lowered as well to «kzAA+». Issuer ratings are consistent with sovereign ratings of the Republic of Kazakhstan.

On July 10, 2015, Standard & Poor's has lowered issuer counterparty ratings in national and foreign currency from «ВВВ/А-2» to «ВВВ-/А-3», as well as national «kzAA+» to «kzAA». The outlook is – «Negative». The lowering is related to changes in the assessment of the likelihood of state support.

On February 24, 2016, following the decrease in sovereign credit ratings of the Republic of Kazakhstan, Standard & Poor's has lowered issuer’s counterparty credit ratings in foreign and national currency from «ВВВ-/А-3» to «ВВ+/B», », as well as national «kzAA+» to «kzAA». The outlook is – «Negative».

On July 30, 2016, Standard & Poor's has confirmed issuer’s ratings: «ВВ+/B» counterparty credit rating in foreign and national currency, as well as national «kzAA-». The outlook is – «Negative».

On June 30, 2017, S&P has lowered issuer’s default rating to «ВВ-/В». The outlook is – «Negative».

 

On July 1, 2017, the issuer sent a notice to Standard & Poor’s on termination of the Agreement on the Issuer's Credit Rating from August 13, 2017.