...AMF's 'B' Long-Term IDR is driven by its Standalone Credit Profile, reflecting its strong profitability, moderate leverage and good asset quality. The rating also considers AMF's much smaller scale than international peers, its limited funding flexibility and a short record of performance through the cycle. Niche Auto-Leasing Franchise: AMF is a small leasing company, with total assets of USD86 million at end-1H26. It provides finance leasing and operating leasing of vehicles exclusively in Kazakhstan. Finance leases and operating lease assets represented 65% and 24%, respectively, of assets at end-2025, and over 90% of leased assets were passenger cars. AMF is a subsidiary of Astana Motors, one of the largest automotive manufacturers, distributors, and retailers in Kazakhstan, which supports origination, with 70% coming through its dealer network. However, its small scale, narrow product and geographic focus, dependence on one dealer group and short performance record through the cycle...
