...The Issuer Default Ratings (IDRs) of JSC Kaspi.kz and its subsidiary Kaspi Bank JSC are driven by the group's intrinsic strength and are based on the consolidated accounts of Kaspi.kz. The ratings reflect the group's unique business profile, with a leading franchise in Kazakhstan's higher-risk consumer finance and complementary lower-risk transactional businesses, which together constitute a nationwide retail-focused fintech ecosystem. Operating profitability is among the strongest of Fitch-rated banking groups globally and capital buffers are solid. Bank Equalised with Group VR: The Viability Rating (VR) of Kaspi.kz, a non-operating bank holding company (BHC), is the same as the group VR, based on the group's consolidated credit profile. The equalisation reflects moderate expected double leverage at the BHC (below 120%), and high capital fungibility within the group. The VR of Kaspi Bank, a core operating bank, is also aligned with the group VR given its deep integration and high synergies....
