Fitch affirms Halyk Bank

Fitch Ratings said it affirmed Halyk Bank's foreign-currency issuer default rating at BB+ with positive outlook, short-term foreign-currency rating at B, local-currency issuer default rating at BBB- with stable outlook, short-term local-currency at F3, individual rating at C/D and support rating at 3.

Halyk's standalone financial strength has improved sufficiently to warrant a the rating without considering possible support from the Kazakhstani authorities, Fitch said. The improvement has been driven by the bank's continued strong profitability track record, reasonable asset quality and adequate capital adequacy levels despite rapid asset growth and increased capital flexibility following a recently completed initial public offering, the agency said.

Risks are inherent, Fitch added, in the bank's rapid credit growth, business concentrations and certain weaknesses in the operating environment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.