S&P acts on Kaspi, ForteBank

S&P said it raised Kaspi Bank JSC’s global and national scale ratings to BB from BB- and kzA+ from kzA and assigned a stable outlook. The agency also revised ForteBank JSC’s outlook to negative from stable and affirmed its BB- and kzA- ratings.

ForteBank’s upgrade follows the view that its, “solid market position and very strong earnings represent a substantial buffer to help it absorb potential shocks, including potentially the government's reduced capacity to provide support,” S&P said in a press release.

The negative outlook reflects increased pressure on Kazakhstan’s creditworthiness and its capacity to provide extraordinary support to systemically important institutions, the agency noted. On Sept. 2, the agency revised the sovereign outlook to negative from stable but affirmed its BBB- rating.

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