Moody’s Investors Service rating agency upgraded the rating of IDF JSC to Ba2
Moody’s Investors Service upgraded the long-term issuer rating of IDF JSC (hereinafter – IDF) in local and foreign currencies from Ba3 to Ba2. Also affirmed the issuer’s short-term rating at Not-Prime. The outlook on the issuer is “Stable”.
In a published press release, Moody’s Investors Service noted the support from the state and the parent company Development Bank of Kazakhstan JSC (Baa3), which in turn demonstrates the importance of IDF in achieving the strategic goals of the Government of Kazakhstan. Agency analysts also emphasized the strong financial profile of IDF. According to the agency, this indicator reflects steadily based indicators of profitability, liquidity level and asset quality.
“An external independent assessment of the international rating agency Moody’s Investors Service confirms the correctness of the chosen strategy for the development of leasing as an additional channel for attracting investment in the economy. Over the past 3 years, significant investments have been attracted through the financial leasing instrument in updating fixed assets of the manufacturing industry and transport infrastructure. Active work was carried out to increase the leasing portfolio and to qualitatively improve key financial indicators, ”said N. Baibazarov, Chairman of the Management Board of IDF JSC.
IDF finances projects in the manufacturing industry, production and transport infrastructure under the state programs of industrial and innovative development for 2015 – 2019, infrastructure development “Nurly Zhol” for 2015 – 2019, business support and development programs “Business Road Map 2020” . Since 2018, programs have been launched to upgrade the bus fleet and the tractor fleet, aircraft for regional airlines, finance municipal projects in the field of social and transport infrastructure, and provide special medical equipment. At the end of 2018, according to unaudited data, IDF assets amounted to 315 billion tenge, share capital 47 billion tenge, net profit 3.8 billion tenge.