Moody’s upgrades our rating to investment grade
13 9월 2024 - 4:05PM
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.
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