Fitch assigned final ratings to bonds issued by Kazakh subsidiary of Russian Sberbank. The bonds got a long-term local currency rating of BBB- and national long-term rating of AA(kaz). The series 2 notes were issued under the framework of the second KZT 100bn (USD 662mn) note programme. Fixed semi-annual coupon was set at 6.25%. The bonds will mature in 5 years from the issuance date.
The ranking is pari passu with other unsecured obligations of the bank except for retail deposits which are ranked higher under the Kazakh banking law. Sberbank entered Kazakh market in 2007 and presently is the 6th largest bank in Kazakhstan. It focuses primarily on corporate business.
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