Moody's cuts Kazinvestbank

Moody's Investors Service said it downgraded Kazinvestbank's long-term local- and foreign-currency deposit ratings to B3 from B2 and long-term local-currency subordinated debt rating to Caa1 from B3 following deterioration in the bank's credit risk profile over the past 12 to 18 months.

The outlook is stable.

The downgrades reflect the deterioration in the bank's credit risk profile over the past 12 to 18 months, Moody's said, as well as the ongoing negative pressure on its financial fundamentals.

The downgrades also consider its significantly weakened asset quality, as the level of the bank's overdue loans more than doubled in 2010, the agency said.

The ratings benefit from acceptable liquidity and shareholder support provided to the bank, Moody's said.

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