S&P: Halyk outlook positive

Standard & Poor's said it revised its outlook on Kazakhstan-based Halyk Savings Bank of Kazakhstan to positive from stable and affirmed its B+/B long- and short-term counterparty credit and certificate of deposit ratings on the bank.

"The rating action reflects the bank's consistent progress in strengthening its financial and business profile since its privatization in 2002," said S&P credit analyst Magar Kouyoumdjian.

The bank has also improved its efficiency and core revenue generation, and has introduced customer segmentation, the agency said.

S&P said the ratings reflect the still-high-risk economic environment in Kazakhstan, fast loan growth, and just-adequate capitalization. The ratings are supported by the bank's dominant position in retail banking, ample liquidity from customer deposits, and its systemic importance as the former state savings bank.

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