Fitch lowers outlook to stable for four Kazakhstani banks

Fitch Ratings said it revised the outlooks for the long-term issuer default ratings to stable from positive for four Kazakhstani banks: the Development Bank of Kazakhstan, Bank TuranAlem, Halyk Bank of Kazakhstan and Kazkommertsbank.

The change in outlooks for the four banks follow Fitch's action, which changed outlooks for the Kazakhstani sovereign's BBB long-term foreign currency issuer default rating and BBB+ long-term local currency issuer default rating to stable from positive.

Development Bank's ratings reflect Fitch's view of the very strong propensity of the Kazakhstani authorities to provide support to the bank in case of need and hence, taking into account the authorities' ability to support, the high probability of such support being forthcoming.

The agency noted that the issuer default ratings of the three other banks are underpinned by its view of the strong propensity of the Kazakhstan authorities to provide support to those banks in case of need and hence, taking into account ability to support, the moderate probability of such support being forthcoming.

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