Kaspi.kz (KSPI) Receives BBB- rating from First, outlook stable

Kaspi.kz (NASDAQ: KSPI) has received its first international credit rating. Fitch rates Kaspi.kz investment grade BBB- with a stable outlook. This rating is separate from Kaspi Bank, a component of Kaspi.kz’s Fintech Platform, which has been tracked by international rating agencies for many years. Fitch also rates Kaspi Bank investment grade BBB- with a stable outlook.

According to Fitch, the rating reflects Kaspi.kz’s unique business profile, leading nationwide franchise and one of the strongest levels of operating profitability when compared to peers globally. Among the key rating drivers are:

• Diverse business model: Kaspi.kz’s Super App business model is unique in its ability to successfully combine leading franchises across payments, commerce and fintech.
• Stellar profitability: Past earnings growth has been extremely strong, while the rapid growth of Payments and Marketplace Platforms has resulted in diverse and more predictable earnings. Return on equity over the past 8 years has been an extraordinary 80%.

Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented:

“This is the first time Kaspi.kz has received a credit rating. Fitch’s ratings for Kaspi.kz and Kaspi Bank, follow on from Moody’s decision to upgrade Kaspi Bank to investment grade. Moody’s also recently upgraded Kazakhstan’s credit rating, recognising the progress Kazakhstan’s government is making when it comes to delivering a fast-growing, diverse and modern digital economy, with solid financial fundamentals.”

You May Also Be Interested In

• UBS Starts Kalyan Jewellers India Ltd (KALYANKJ:IN) at Buy
• DA Davidson Reiterates Buy Rating on Oracle (ORCL) Following Q1 Print
• S&P 500 above 8,000 in 2026 now looks ambitious, Citi says