Fitch Ratings has confirmed DBK rating at BBB with a stable outlook


The agency noted that the long-term IDRs and GSR ratings of DBK are equivalent to sovereign IDR rating of Kazakhstan (BBB/stable). According to agency's analysts, high probability of state support reflects the important role of DBK in politics as a leading development institution in Kazakhstan aimed at promoting development of non-resource sectors of the national economy and reducing its dependence on oil and gas industry. Analysts noted that the role of DBK is supported by a special legal status, since the financial institution is regulated directly by the state through parent company of Development Bank of Kazakhstan, Baiterek Holding.

Also, according to the agency, long-term bilateral loans from foreign banks and Eurobonds issued on the international capital market accounted for 55% of financing at the end of Q3 2021. Borrowings with the state participation amounted to 43%. The Bank noted that to maintain large amounts of financing in various sectors of the Kazakhstan economy, a good funding base is needed and the Development Bank of Kazakhstan continues to successfully attract investments from alternative sources not only in domestic but also in foreign capital markets, actively reducing the share of public funds in funding structure. To date, DBK is the only Kazakhstan issuer that has successfully issued Eurobonds in KZT four times. Volume of funding raised by the Bank in 2021 amounted to KZT 413 billion, of which 97.6% are market funds and 2.4% from public funds.

“Confirmation of the Development Bank's high rating by the largest international rating agency in the current realities proves that the Development Bank is a reliable issuer and an experienced partner. The Bank continues to pursue a course towards openness and transparency, constantly strengthening its financial stability and improving quality of services provided to our clients”, said Ruslan Iskakov, Chairman of the Management Board of Development Bank of Kazakhstan.

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Development Bank of Kazakhstan JSC (DBK) is a national development Institute for modernization and development of non-resource and infrastructure sectors of the Kazakhstan economy, established in 2001. Main activities: development of production infrastructure and manufacturing industry, promotion and attraction of foreign and domestic investment in the country's economy. DBK is one of the largest investment operators of state programs of industrial and innovative development. DBK is a part of Baiterek National Managing Holding JSC.

Public Relations Service of Development Bank of Kazakhstan JSC: +7 (7172) 79 26 08 (,, Twitter@KDBkz)

АО «Банк Развития Казахстана»
проспект Мәңгілік Ел, здание 55 А, н.п. 15 Z05T3E2 Астана
+7 (7172) 79 26 79