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S&P lowers ATFBank, Eurasian Bank
S&P said it lowered the long-term issuer credit ratings on ATFBank JSC and JSC Eurasian Bank to B- from B and affirmed the B short-term ratings on these banks.
S&P also said it revised the Kazakhstan national scale ratings on both banks to kzBB from kzBB+.
The outlook is stable.
The agency said it considers that Kazakh government remains supportive to systemically important domestic banks, but its approach to providing support is gradually changing.
S&P said it consider that the number of banks to which the government is likely to provide timely extraordinary support has decreased, which lead to the downgrades of two banks.
Meanwhile, the agency said it affirmed the long- and short-term issuer credit ratings on Halyk Savings Bank of Kazakhstan at BB, along with its Kazakhstan national scale rating at kzA+.
Kaspi Bank JSC long- and short-term issuer credit ratings were affirmed at BB- and its Kazakhstan national scale ratings at kzA. ForteBank JSC's long- and short-term issuer credit ratings were affirmed at B and its Kazakhstan national scale rating rating at kzBBB-.
Bank CenterCredit JSC's long- and short-term issuer credit ratings were affirmed at B and its Kazakhstan national scale rating at kzBBB-.
Although Kazakhstan does not have clear legislation prescribing which banks are to be supported and how, it has no restrictions on providing such support, the agency said.
The government can therefore support banks without any limitations and without gaining any particular approvals, S&P said.
It has an extensive track record of providing government support to the banking sector in various forms since 2008, the agency said.
The stand-alone credit profiles on Halyk Bank, Kaspi Bank, Bank CenterCredit, ForteBank, Eurasian Bank and ATFBank are unchanged.
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