S&P cuts, withdraws KazEximbank

S&P said it lowered its long-term issuer credit rating to CCC from CCC+ and its national scale rating to kzCCC+ from kzB- on Eximbank Kazakhstan JSC (KazEximbank).

The agency removed the ratings from CreditWatch with developing implications, where they were placed on Feb. 9, and subsequently placed the ratings on CreditWatch with negative implications.

At the same time, the agency affirmed the C short-term ratings on KazEximbank and removed them from CreditWatch developing.

S&P subsequently withdrew all the ratings at the bank's request.

“The downgrade reflects the uncertainty regarding KazEximbank's ability to meet its financial commitments in the absence of support from the government or shareholders,” the agency said in a news release.

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