Moody's International Rating Agency confirmed the long-term and short-term ratings of JSC “MO "Kazakhstan Mortgage Company” Issuer in national and foreign currency at “Baa3” level, as well as the Issuer's rating by the national rating scale at the Aa1.kz level. The outlook remains stable.
Joint Stock Company “Mortgage Organization “Kazakhstan Mortgage Company” (hereinafter – the Company JSC “MO “KMC”) was established in accordance with the resolution of Board of National Bank of the Republic of Kazakhstan on 20 December 2000, No. 469 in order to implement the concept of long-term financing of housing construction and the development of mortgage lending and it is one of the oldest mortgage companies in the former Soviet Union, whose activities are aimed at implementing the government's housing policy.
The purpose of the Company is to provide the mortgage loans available for the population and the development of mortgage lending secondary market, as well as purchasing the rights of claim on mortgage loans from second-tier banks and mortgage organizations by attracting investment at the capital market. Besides the development of the secondary mortgage market, the Company successfully implements “Nurly Zher” program providing rental housing with subsequent purchase.
Since 2013, the Company’s sole shareholder is the Joint Stock Company “National Managing Holding “Baiterek”. Currently, the Company is one of the largest non-bank financial institutions in the Republic of Kazakhstan.