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Fitch Ratings Affirms BI Development’s Credit Rating at “BB” with a Stable Outlook

9 September 2025
Holding

Private company BI Development Ltd. announces that the international rating agency Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at “BB” with a Stable Outlook.

According to Fitch, BI Development is one of the few real estate development companies in the EMEA region with this rating level, ranking above AEDAS Homes (Spain) and Maison Bidco/Keepmoat (UK). Only recognized sector leaders such as Kaufman & Broad (France) and The Berkeley Group (UK) hold a higher rating of “BBB–”. At the same time, in several financial indicators BI Development demonstrates performance comparable to these leaders.

The agency noted that BI Development maintains sustainable profitability, a balanced debt burden, and a solid financial profile. The company consistently strengthens its liquidity and demonstrates a conservative approach to risk management. BI Development is actively implementing projects in Kazakhstan’s largest cities, while also expanding its international presence in the USA, UAE, Azerbaijan, and Uzbekistan.

“Fitch’s rating affirmation is recognition of our sustainable strategy and strong financial performance. We are proud to remain among the sector leaders in creditworthiness and will continue to develop our business for the benefit of clients, investors, and partners,”
— said A.G. Omarov, CEO of BI Development Ltd.

Key factors highlighted by Fitch:

  • Strong position in the EMEA region: “BB” rating with a Stable Outlook, higher than AEDAS Homes (Spain) and Maison Bidco/Keepmoat (UK).
  • Comparability with sector leaders Kaufman & Broad (France) and The Berkeley Group (UK), rated “BBB–”.
  • Balanced debt load and a resilient financial profile.
  • Strong liquidity and effective risk management: phased construction and presales.
  • Geographic diversification: projects in Kazakhstan, USA, UAE, Azerbaijan, and Uzbekistan.

BI Development remains committed to a prudent financial policy and plans further growth, strengthening its position in both domestic and international markets.