OREANDA-NEWS. August 23, 2012. Rating agency "Expert RA Kazakhstan" has affirmed reliability rating of JSC "APF "Kapital" at level A+ "Very high reliability level", reported the press-centre of KASE.

Positive impact on the rating is made by the low riskiness of the fund's investment portfolio (as of July 1, 2012 risk-weighted value of pension assets / current value of pension assets = 45.85, with the market average of 61.36), fairly good indicators of sufficiency of equity (as of July 1, 2012 K1 = 0,052), the fund's profitability (based on half-year results, the profit made up KZT298 m), low risks of liquidity loss, as well as a well-developed regional network.

"The Fund possesses a long positive history of operations on the market and shows permanently good operating results, which ensures a high rating", - points out Vasiliy Kalabin, expert of the ratings unit of "Expert RA Kazakhstan".

Impeding factors are the low diversification of the investment portfolio (as of July 1, 2012 65% of the assets are made up of government securities), low liquidity of the portfolio (the share of highly liquid instruments is less than 10%) as well as low rate of equity growth (equity growth during the half-year - 7.7%).

APF "Kapital" has been operating at the pension market since October 2011 across the country showing a large share of regional accumulations. According to FSC, as of July 1, 2012 the fund's pension accumulations made up KZT165.2 bn, pension contributions - KZT13.3 bn, volume of equity - KZT4.2 bn.