S&P ups Nurbank national scale rating

S&P said it affirmed its B-/B long- and short-term issuer credit ratings on Nurbank JSC.

The outlook remains negative.

The agency also raised its national scale rating on Nurbank to kzBB- from kzB+, following the revision of its national scale mapping for Kazakhstan.

S&P said the affirmation reflects a view that the support Nurbank's majority shareholder has already provided, as well as the possibility of additional support, to some extent mitigate ongoing pressures on the bank.

“Nurbank's funding profile is under pressure from the withdrawal of deposits by government-related entities over the past 18 months, and the bank's capital base is hampered by weak profitability and asset quality,” the agency said in a news release.

“We believe that Nurbank's credit standing and continuation of its business are dependent on the owner's willingness and ability to support the bank.”

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