Credit Ratings

Fitch Ratings-Moscow/London-25 April 2013: Fitch Ratings has assigned Kazakhstan Joint Stock Company National Managing Holding KazAgro (KazAgro) a Long-term foreign currency rating of 'BBB', a Long-term local currency rating of 'BBB+' and a Short-term foreign currency rating of 'F3'. The Outlooks for the Long-term ratings are Stable. Fitch also has assigned the KazAgro's upcoming senior unsecured Eurobond issue an expected Long-term foreign currency rating of 'BBB(EXP)'.

On April 25, 2013, Standard & Poor's Ratings Services assigned its 'BBB+' long-term and 'A-2' short-term issuer credit ratings and 'kzAAA' Kazakhstan national scale rating to KazAgro National Management Holding JSC, the primary vehicle for providing government financial support to and developing the agricultural sector and rural areas. The outlook is stable.

Rating agency

Credit rating

Scale

Date

Fitch Ratings

Long-term rating

 «BBB-»/ WATCH NEG

International scale (foreign currency)

06.05.2016

Fitch Ratings

Long-term rating

 «BBB-»/ WATCH NEG

International scale (local currency)

06.05.2016

Fitch Ratings

Short-term rating

 «F3»

International scale (foreign currency)

06.05.2016

Standard & Poor's

долгосрочный рейтинг «ВВ+»/ WATCH NEG

Международная шкала (иностранная валюта)

25.02.2016

Standard & Poor's

краткосрочный рейтинг

«B»

Международная шкала (иностранная валюта)

25.02.2016

Standard & Poor's

«kzAA-»

Национальная шкала (Казахстан)

25.02.2016