JSC Kaspi.kz Moody's Raises Outlook and Upgrades Rating (4200E)
November 05 2020 - 8:35AM
UK Regulatory
TIDMKSPI
RNS Number : 4200E
JSC Kaspi.kz
05 November 2020
Moody's raises outlook to positive and upgrades national-scale
long-term deposit rating for Kaspi.kz subsidiary Kaspi Bank
Almaty, Kazakhstan - 5 November, 2020 - Moody's Investors
Service ("Moody's") raises the outlook on Kaspi.kz (KSPI)
subsidiary Kaspi Bank's global scale long-term deposit ratings and
the overall issuer outlook to positive from stable. Moody's also
upgraded its national scale long-term deposit rating to A1.kz from
A2.kz and affirmed its national scale long-term CRR of A1.kz.
Mikheil Lomtadze, Kaspi.kz co-founder and CEO, commented:
"Moody's decision to move its outlook to positive and upgrade
its national scale deposit rating recognises our growing market
share and rapidly diversifying profitability as our Payments
platform scales. All of this is a direct result of our Super App
strategy, which has made our market leading Payments, Marketplace
and Fintech platforms integral to people's daily lives in
Kazakhstan. As we continue to develop new innovative products and
services and play a major role in Kazakhstan's digital
transformation, we expect our relevance to consumers and merchants
to increase further, with Kaspi.kz continuing to see strong revenue
and profitability growth into the medium-term."
At the core of our Ecosystem is the Kaspi.kz Super App, the
leading mobile app in the country, which serves as a single gateway
to all of our platforms and through which consumers can access our
digital finance products. Our buy-now-pay-later consumer finance
products are also integrated into our Marketplace platform to give
our users a seamless shopping experience.
Our large and engaged Super App user base allows us to
continually collect a wealth of proprietary data around consumer
daily activity, which we leverage to make superior credit decisions
within seconds while constantly reducing the average size of
financing and its maturity, and improving cost of risk.
Moody's affirmed Kaspi Bank's long-term local and foreign
currency deposit ratings of Ba2, Baseline Credit Assessment (BCA)
and Adjusted BCA of b1, long-term local currency senior unsecured
Medium Term Notes (MTN) program rating of (P)B1, long-term local
currency subordinate debt rating of B2 and subordinate MTN program
rating of (P)B2, long-term Counterparty Risk (CR) Assessment of
Ba2(cr) and long-term Counterparty Risk Ratings (CRRs) of Ba2.
Moody's also affirmed Kaspi Bank's short-term deposit ratings
and CRRs of Not Prime and its short-term CR Assessment of Not
Prime(cr).
About Kaspi.kz
Kaspi.kz is the largest Payments, Marketplace and Fintech
Ecosystem in Kazakhstan with a leading market share in each of its
key services and products. At the core of the Kaspi.kz Ecosystem is
the Kaspi.kz Super App, the leading mobile app in the country.
The Kaspi.kz Super App serves as a single gateway to all
services and is an integral part of people's daily lives in
Kazakhstan. As people's daily lives become increasingly
digitalised, Super App usage is expected to grow supported by
accelerating consumer adoption of cashless payments, e-Commerce and
digital financial services.
Kaspi.kz's Ecosystem business model, where the growth and
development of one service contributes to the growth and
development of other services, creates a powerful virtuous cycle. A
growing number of services being used by consumers results in
synergies across all Platforms, structurally high profitability and
creates a powerful self-reinforcing network effect, giving Kaspi.kz
strong competitive advantages.
For further information:
David Ferguson
+44 7427 751 275
david.ferguson@kaspi.kz
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END
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