(The following statement was released by the rating agency)
Jan 02 - Fitch Ratings has assigned Kazakhstan-based Subsidiary Bank Sberbank of Russia ’s (SBK) KZT20bn senior unsecured bonds an expected Long-term local currency rating of ‘BBB-(EXP)’ and expected National Long-term rating of ‘AA(kaz)(EXP)'.
The issue of KZT20bn Series 2 notes in the framework of the second KZT100bn note programme is anticipated in Q113. The bonds would carry a fixed semi-annual coupon of 6.25% and would mature in five years from the issuance date.
Kazakhstan’s SBK, formerly Texakabank, was established in 1993 and was acquired by the Russia-based Sberbank (‘BBB’/Stable) in 2007. Sberbank currently owns 100% of SBK. At end-11M12, SBK had a 5% market share of the Kazakh banking system’s assets.
The bank has a Long-term local currency Issuer Default Rating of ‘BBB-’ and a National Long-term rating of ‘AA(kaz)', both with Stable Outlook.