Moody's changes outlook on Industrial Development Fund to positive; Ba2 ratings affirmed

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On February 1, the international rating agency Moody's confirmed the long-term corporate ratings in national and foreign currency of Industrial Development Fund and the long-term issuer ratings in national and foreign currency at the level of "Ba2".

The forecast was changed from stable to positive.

Moody's decision to affirm IDF's long-term rating at 'Ba2' and change the outlook to positive reflects an upgrade in its self-assessment at 'b2' driven by improved capital and asset quality, as well as the stable funding and liquidity position.

It is noted the ratings include a three-notch upgrade due to Moody's assumptions about a high degree of support from Development Bank of Kazakhstan, its parent company.

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