OREANDA-NEWS. July 19, 2010. Rating agency Expert RA Kazakhstan assigned APF Halyk Bank of Kazakhstan (the Fund) a 'A++' reliability rating (exceptionally high (supreme) reliability rating), reported the press-centre of KASE.

The main factors that played positive for the rating were own capital sufficiency ratio (0.089 as on April 1, 2010), low level of risk in investment portfolio (risky assets in current value of pension assets reached 41.9% as on April 1, 2010), the fund's significant size ensuring a leading position on the market (with a 30.6% market share in April 2010). APF of Halyk Bank of Kazakhstan has a developed branch net work, enjoys a wide client base well-diversified in regions.

A conservative structure of investment portfolio - share of investment into GS reached 52.3 % as on April 1, 2010 proved good for the rating with 7.2 % invested in domestic bonds. "Fund's investment activities show little loss from investment in defaulted securities, with 0.21 % share in portfolio as on April 1, 2010, which is evidence of quality work of risk managers contributing to the rating", - says Arman Zhakhin an agency analyst. Moreover, agency experts emphasized high share of liquid instruments in the portfolio and high yield from disbursement of funds - in 3 and 5 year periods, stressing last year's 17.7% yield.

Negative factors are a significant share in the affiliated Halyk Bank of Kazakhstan - 9.4% and comparatively high exposure to currency risks (pension assets nominated in foreign currency as on April 1, 2010 reached 18.3 %).

APF of Halyk Bank of Kazakhstan has been operating since January 1998. According to FSA as on June 1, 2010 the fund was the leading APF in terms of pension savings. As on June 1, 2010 pension savings reached KZT614.2 bn, pension payments - KZT450 bn, net investment income - KZT148.8 bn, own capital - KZT22.4 bn.