Moody's cuts Alfa-Bank Kazakhstan

Moody's Investors Service said it downgraded Alfa-Bank Kazakhstan's local- and foreign-currency bank deposit ratings to B2 from Ba3, and affirmed the bank's bank financial strength rating of E+, which now maps to a baseline credit assessment of B2.

The outlook is stable.

The downgrade reflects a reassessment of the probability of parental support, the bank's modest franchise in Kazakhstan and the bank's weak core profitability, the agency said.

Despite the currently high liquidity and capital cushions, the bank's standalone credit strength is constrained by its weak domestic franchise value and weak profitability, Moody's said.

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