Fitch lowers four Kazakhstan banks

Fitch Ratings said it revised down the support rating floors and downgraded long-term issuer default ratings of ATF Bank JSC and Bank Centercredit to B- from B.

The outlooks are stable.

The agency also said it revised the support rating floor of JSC Halyk Bank to B from B+ and the support rating floor of ForteBank to B- from B.

The issuer default ratings on Halyk and Forte are unaffected, Fitch said.

The actions follow the agency's reassessment of the propensity of the state to provide support to private banks in Kazakhstan in light of the recent failure and resolution of the second-largest bank in the country, Tsesnabank, which held about 9% of sector assets at the end of the third quarter of 2018, Fitch said.

The agency said it believes that state support could still be available to other medium-sized private banks based on the assistance initially provided to Tsesnabank, along with other recent cases of support being provided to Kazakh banks.

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