Fitch ups Development Bank of Kazakhstan

Fitch Ratings said it upgraded Development Bank of Kazakhstan's long-term issuer default ratings to BBB from BBB-.

“The upgrade of DBK's long-term IDRs and revision of the support rating floor (SRF) to BBB reflect Fitch's view of an increased probability that the bank will be supported by the government of Kazakhstan (BBB/stable), in case of need. This view is based on an extended record of capital and funding support from the state, which has intensified in recent years, including in the challenging operating environment due to the Covid-19 pandemic,” the agency said in a press release.

The outlook is stable.

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