Fitch assigns BB long-term foreign currency rating to Kazakhstan Mortgage Co.

By bne IntelliNews July 18, 2012
Fitch assigned a long-term foreign currency rating of BB and long-term local currency rating of BB+ and a short-term foreign currency rating of B to Kazakhstan Mortgage Company. The outlook on the long-term ratings is positive. The ratings reflect the companys ownership by the government, its strategic importance in the area of social housing and hence potential government support. The positive outlook reflects Fitchs expectation of capital injection from the state in case of need. The agency also noted that he resumption of explicit government support in the form of capital injections leading to improvement of companys financial position and profitability could be positive for the ratings. Kazakhstan Mortgage Company is a governments agent in the area of affordable housing provision and plays a crucial role in implementing government social housing programs for low and middle income households.

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