S&P puts ATF Bank on watch

S&P said it placed its B long-term counterparty credit rating and kzBB Kazakhstan national scale rating on ATF Bank JSC on CreditWatch with negative implications. The agency also affirmed its B short-term credit rating on the bank.

“The CreditWatch placement follows our observation that ATFBank's asset quality indicators did not improve as much as we previously expected despite the bank management's ongoing efforts to recover legacy problem loans,” S&P said in a news release.

The agency said the bank's estimated nonperforming loans and foreclosed assets, together accounting for about 29% of total loans under International Financial Reporting Standards, appear worse compared with those of local peers and peers operating in countries with similar economic risks.

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