Fitch affirms Halyk Bank

Fitch Ratings said it affirmed Halyk Bank's issuer default ratings at long-term foreign-currency BB+, short-term foreign-currency B, long-term local-currency BBB- and short-term local-currency F3. Also affirmed are ratings at individual C/D, support 3 and support rating floor BB+.

The outlook for the long-term foreign- and local-currency issuer default ratings remains stable.

Halyk's long-and short-term issuer default ratings and support rating reflect the moderate probability of support from the Kazakh authorities.

Fitch said the individual rating reflects its broad domestic franchise, strong bottom-line performance, adequate asset quality to date, reasonable liquidity and low appetite for market risk.

The ratings also considers the risks from rapid loan growth, significant loan concentrations and heightened credit risks in the current Kazakh operating environment, the agency said.

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