OREANDA-NEWS. Standard & Poor's Ratings Services said today it assigned its 'BBB+' long-term and 'A-2' short-term issuer credit ratings to the Kazakhstan-based Eurasian Development Bank (EDB). At the same time, a 'kzAAA' Kazakhstan national scale rating and a 'ruAAA' Russia national scale rating were assigned. The outlook is stable.

"The ratings on the EDB are supported by the bank's initial strong capitalization and ongoing support from its two founding shareholders, The Russian Federation and the Republic of Kazakhstan, and in particular by The Russian Federation, as the major shareholder," said Standard & Poor's credit analyst Sladana Tepic.

"Its recent establishment, however, means that it lacks a track record of successful operation. This acts as a constraint on the ratings, particularly in light of the EDB's plans to lend to unrated sovereigns within the Eurasian Economic Community (EAEC), without guarantees from EDB's shareholders."