With the bulk of Kazakh transactions backed by diversified payment rights (DPRs) having been paid down over the past few years, it is refreshing to see that ATF Bank is extending the life of its outstanding DPR notes, even with only $100,000 left.

The rationale for this is to stave off the redemption of the last series, which “would prevent future issuances under the current program,” said Moody’s Investors Service in a press release. The program was going to mature on April 15. It is now maturing in October.

The extension does not affect Moody’s rating of ‘Ba2(sf),’ chiefly because the amount left to be paid out is already fully cash collateralized.  The notes were issued in 2006 for $100 million.

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