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S&P acts on Kazakhstani financials
S&P said it took various actions on its national scale ratings on Kazakhstan's financial institutions, as well as their issues and programs, which it had placed under criteria observation.
ATFBank JSC’s national scale rating was raised to kzBB+ from kzBB, AsiaCredit Bank JSC’s national scale rating was raised to kzBB- from kzB+, Bank CenterCredit JSC’s national scale rating was affirmed at kzBB+, Bank RBK JSC’s national scale rating was raised to kzBB from kzBB-, Halyk Savings Bank of Kazakhstan’s national scale rating was affirmed at kzA+, Kazkommertsbank JSC’s national scale rating was affirmed at kzA+, Kassa Nova Bank JSC’s national scale rating was raised to kzBB+ from kzBB, SB Alfa-Bank JSC’s national scale rating was raised to kzA from kzA- and Tengri Bank JSC’s national scale rating was raised to kzBBB from kzBBB-.
Kaspi Bank JSC’s national scale and senior unsecured ratings were raised to kzA- from kzBBB+, Kazakh Agrarian Credit Corp.’s national scale and senior unsecured ratings were raised to kzA+ from kzA, Tsesnabank’s national scale and senior unsecured ratings were raised to kzBBB from kzBBB-, VTB Bank (Kazakhstan)’s national scale and senior unsecured ratings were raised to kzAA from kzAA- and ForteBank’s national scale and senior unsecured ratings were raised to kzBBB- from kzBB+, and its subordinated rating was raised to kzBB from kzBB-.
At the same time, the agency removed the under criteria observation identifier on the ratings.
S&P said the action follows the revision of its criteria on national scale ratings and subsequent recalibration of the mapping table for Kazakhstan.
The agency said the actions do not reflect any change in the fundamental credit quality of the issuers or issues.
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