Moody's cuts Eximbank Kazakhstan to B3

Moody's Investors Service said it downgraded the long-term local and foreign currency deposit ratings of Eximbank Kazakhstan to B3 from B2, and affirmed its E+ bank financial strength rating and not-prime short-term deposit ratings.

The outlook is stable.

The downgrade was prompted by a weakening of Eximbank's liquidity position and an increased volatility in its highly concentrated funding base, Moody's said.

The agency said the ratings have little upside potential; however, in the medium term, an improved liquidity profile coupled with sound financial fundamentals could have positive rating implications.

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