S&P corrects Eurasian Bank

Standard & Poor's said it corrected its issue ratings on two series of subordinated notes due 2020 and 2024, issued by JSC Eurasian Bank (B+/positive/B), by lowering them to B- from B+.

At the same time, the agency corrected by lowering the Kazakhstan national scale rating on these notes to kzBB+ from kzBBB.

Under its initial analysis, S&P mistakenly assigned its B+ ratings to these subordinated notes on Dec. 9. At that time, it should have rated the notes two notches below the issuer credit ratings on Eurasian Bank, as per its criteria for rating banks' hybrid capital.

There are no other new analytical elements underpinning these actions, the agency said.

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