Fitch upgrades Halyk Bank

Fitch Ratings said it upgraded Halyk Bank's long-term issuer default rating to BBB- from BB+ with a stable outlook.

“The upgrade of Halyk reflects the following factors. Firstly, Fitch has revised the outlook on Kazakhstan's bb operating environment score to stable from negative. The asset quality and performance of most Kazakh banks were reasonably stable in 2020, despite some pressures from the pandemic on the broader economy,” Fitch said in a press release.

Secondly, Fitch noted Halyk’s ratings were close to BBB- before the pandemic. “The upgrade reflects Halyk's robust bottom-line results in 2020, which were consistent with pre-pandemic performance, and the bank's further progress in recovering its legacy problem assets,” the agency said.

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