Moody’s upgrades our rating to investment grade
Moody's has upgraded Kaspi Bank's long-term deposit ratings to investment grade Baa3 from Ba1 with a stable outlook. This upgrade reflects the sound profitability, liquidity, and resilience of Kaspi.kz's business model, which includes Fintech, Payments, and Marketplace Platforms. Moody's cited Kaspi.kz's proven business model and sound fundamentals as key factors. The improving operating environment in Kazakhstan, which recently saw its government rating upgraded to Baa1, is expected to further benefit the company.
Kaspi.kz's CEO, Mikhail Lomtadze, emphasized the company's Super App strategy and its trust among 14 million Kazakhstanis and 700,000 merchants. He also highlighted Kazakhstan's progress in developing a fast-growing, diverse, and modern digital economy with solid financial fundamentals.
Moody's ha aggiornato le rating dei depositi a lungo termine di Kaspi Bank al grado di investimento Baa3, passando da Ba1, con un outlook stabile. Questo upgrade riflette la solida redditività, liquidità e resilienza del modello di business di Kaspi.kz, che include Fintech, Pagamenti e Piattaforme Marketplace. Moody's ha citato il modello di business collaudato di Kaspi.kz e i suoi fondamentali solidi come fattori chiave. Il miglioramento dell'ambiente operativo in Kazakistan, che ha recentemente visto il suo rating governativo aggiornato a Baa1, si prevede avvantaggi ulteriormente l'azienda.
Il CEO di Kaspi.kz, Mikhail Lomtadze, ha sottolineato la strategia della Super App e la fiducia tra 14 milioni di kazachi e 700.000 commercianti. Ha anche evidenziato i progressi del Kazakistan nello sviluppo di un'economia digitale moderna, diversificata e in rapida crescita con solidi fondamentali finanziari.
Moody's ha mejorado las calificaciones de depósitos a largo plazo de Kaspi Bank a la categoría de inversión Baa3 desde Ba1, con una perspectiva estable. Esta mejora refleja la sólida rentabilidad, liquidez y resiliencia del modelo de negocio de Kaspi.kz, que incluye Fintech, Pagos y Plataformas de Mercado. Moody's destacó el modelo de negocio probado de Kaspi.kz y sus fundamentos sólidos como factores clave. Se espera que la mejora del entorno operativo en Kazajistán, que recientemente vio alzar su calificación gubernamental a Baa1, beneficie aún más a la empresa.
El CEO de Kaspi.kz, Mikhail Lomtadze, enfatizó la estrategia de Super App y la confianza entre 14 millones de kazajos y 700,000 comerciantes. También destacó el progreso de Kazajistán en el desarrollo de una economía digital moderna, diversa y de rápido crecimiento con sólidos fundamentos financieros.
무디스는 카스피 은행의 장기 예치금 등급을 투자 등급인 Baa3로 상향 조정하였으며, 이는 Ba1에서의 상향이며 안정적인 전망을 가지고 있습니다. 이번 등급 상향은 카스피.kz 비즈니스 모델의 건전한 수익성, 유동성, 복원력을 반영하며, 이는 핀테크, 결제 및 마켓플레이스 플랫폼을 포함합니다. 무디스는 카스피.kz의 검증된 비즈니스 모델과 건전한 기초가 주요 요인이라고 언급하였습니다. 최근 정부 등급이 Baa1로 상향 조정된 카자흐스탄의 개선된 운영 환경은 회사에 추가적인 이익을 가져올 것으로 예상됩니다.
카스피.kz의 CEO인 미하일 롬타제는 슈퍼앱 전략과 1,400만 카자흐인 및 70만 상인들 사이의 신뢰를 강조했습니다. 그는 또한 카자흐스탄이 튼튼한 금융 기반을 가진 현대적이고 다양하며 빠르게 성장하는 디지털 경제를 발전시키고 있다는 점을 강조했습니다.
Moody's a amélioré les notations des dépôts à long terme de la Kaspi Bank à la catégorie d'investissement Baa3 à partir de Ba1, avec une perspective stable. Cette amélioration reflète la rentabilité, la liquidité et la résilience solides du modèle commercial de Kaspi.kz, qui comprend la Fintech, les paiements et les plateformes de marché. Moody's a cité le modèle commercial éprouvé de Kaspi.kz et ses fondamentaux solides comme des facteurs clés. L'amélioration de l'environnement opérationnel au Kazakhstan, qui a récemment vu sa note gouvernementale passer à Baa1, devrait également bénéficier à l'entreprise.
Le PDG de Kaspi.kz, Mikhail Lomtadze, a souligné la stratégie de Super App et la confiance entre 14 millions de Kazakhstanais et 700 000 commerçants. Il a également mis en avant les progrès du Kazakhstan en matière de développement d'une économie numérique moderne, diversifiée et en forte croissance, avec des fondamentaux financiers solides.
Moody's hat die langfristigen Einlagenratings der Kaspi Bank auf das Investment Grade Baa3 angehoben, von Ba1, mit einem stabilen Ausblick. Dieses Upgrade spiegelt die solide Rentabilität, Liquidität und Widerstandsfähigkeit des Geschäftsmodells von Kaspi.kz wider, das Fintech, Zahlungen und Marktplatz-Plattformen umfasst. Moody's nannte das bewährte Geschäftsmodell und die soliden Grundlagen von Kaspi.kz als Schlüsselfaktoren. Das verbesserte Betriebsklima in Kasachstan, das kürzlich seine Regierungsbewertung auf Baa1 angehoben hat, wird erwartet, dem Unternehmen zusätzlich zugutekommen.
Der CEO von Kaspi.kz, Mikhail Lomtadze, betonte die Super App-Strategie und das Vertrauen unter 14 Millionen Kasachen und 700.000 Händlern. Er hob zudem die Fortschritte Kasachstans bei der Entwicklung einer schnell wachsenden, vielfältigen und modernen digitalen Wirtschaft mit soliden finanziellen Grundlagen hervor.
- Moody's upgraded Kaspi Bank's long-term deposit ratings to investment grade Baa3 from Ba1
- Kaspi.kz's business model demonstrates sound profitability, liquidity, and resilience
- The company serves 14 million Kazakhstanis and 700,000 merchants
- Improving operating environment in Kazakhstan is expected to benefit the company's fundamentals
- Kazakhstan's government rating was upgraded to Baa1, indicating overall economic improvement
- None.
Insights
Moody's upgrade of Kaspi Bank to investment grade Baa3 from Ba1 is a significant positive development. This rating improvement reflects enhanced creditworthiness and could lead to lower borrowing costs and increased investor confidence. The stable outlook suggests Moody's expects Kaspi.kz to maintain its financial strength. The upgrade, coupled with Kazakhstan's sovereign rating boost to Baa1, indicates a robust macroeconomic environment that could support Kaspi.kz's growth. However, investors should note that while this upgrade is positive, it's important to consider the broader financial landscape and Kaspi.kz's ability to capitalize on this improved rating in terms of expansion and market share.
This upgrade signifies Kaspi.kz's strong market position and resilient business model. With 14 million users and 700,000 merchants, Kaspi.kz has a significant market penetration in Kazakhstan. The Super App strategy has proven successful, indicating potential for further growth and diversification. The improved rating could attract more institutional investors, potentially boosting stock performance. However, investors should watch for increased competition in the fintech space and any regulatory changes that could impact Kaspi.kz's operations. The company's ability to maintain its market leadership while expanding into new services will be important for long-term success.
Kaspi.kz's success with its Super App strategy demonstrates the company's strong technological capabilities. The integration of Fintech, Payments and Marketplace platforms into a single ecosystem shows innovation and adaptability to changing consumer needs. This tech-driven approach has likely contributed to the company's resilience and profitability, as noted by Moody's. Looking forward, investors should monitor Kaspi.kz's ability to continue innovating, particularly in areas like blockchain, AI and cybersecurity. The company's tech infrastructure and its ability to scale will be critical factors in maintaining its competitive edge in an increasingly digital financial landscape.
ALMATY, Kazakhstan, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Moody’s has upgraded its long-term deposit ratings to investment grade Baa3 from Ba1 with a stable outlook for Kaspi Bank, a core part of Kaspi.kz’s Fintech Platform. Moody’s cited sound profitability, liquidity and the resilience of Kaspi.kz’s proven business model including Fintech, Payments and Marketplace Platforms.
According to Moody’s:
- Kaspi.kz’s proven business model has demonstrated resilience throughout the economic cycle.
- Kaspi.kz has sound fundamentals, such as profitability, capitalisation and liquidity.
- The improving operating environment in Kazakhstan will further benefit the company’s fundamentals.
- Kazakhstan is seeing sustained progress diversifying its economy, enhancing its resilience and growth outlook.
The improving operating environment in Kazakhstan led Moody’s on 9 September 2024 to upgrade its Kazakhstan government rating to Baa1 from Baa2, with a stable outlook.
Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented:
“Moody’s has tracked our company for many years and watched our unique and highly successful Super App strategy unfold. Today’s results recognise the hard work and dedication of our team here in Kazakhstan. We’re trusted by over 14 million Kazakhstanis and 700 thousand merchants, most of whom are small and medium-sized businesses.
The recognition of the progress being made by Kazakhstan’s government when it comes to delivering a fast-growing, diverse and modern digital economy, with solid financial fundamentals comes as no surprise to us.
Thank you to our consumers, merchants and everyone else in Kazakhstan who is playing their part driving the country’s rapid progress.”
About Kaspi.kz
Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants.
Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network.
The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.
Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.
Kaspi.kz has been listed on Nasdaq since January 2024.
For further information david.ferguson@kaspi.kz +44 7427 751 275
Forward-looking statements
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of Kaspi.kz. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. Kaspi.kz wish to caution you that these statements are only predictions and that actual events or results may differ materially. Kaspi.kz does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Kaspi.kz, including, among others, general economic conditions, the competitive environment, risks associated with operating in Kazakhstan, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to Kaspi.kz and its respective operations.
FAQ
What is Kaspi.kz's new Moody's rating as of September 13, 2024?
Why did Moody's upgrade Kaspi.kz's (KSPI) rating?
How many customers and merchants does Kaspi.kz (KSPI) serve as of September 2024?
What was Kazakhstan's new Moody's rating as of September 9, 2024?
