S&P rates Halyk bonds B+

Standard & Poor's said it assigned its B+ debt rating to a five- to seven-year U.S. dollar-denominated fixed-rate bond to be issued by Halyk Savings Bank of Kazakhstan (B+/positive/B) in September

The ratings on Halyk reflect the bank's consistent progress in strengthening its financial and business profile since its privatization in 2002, although still slightly lagging its larger peers. The bank has also improved its efficiency and core revenue generation, and has introduced customer segmentation.

S&P said 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. The ratings are constrained by the still-high-risk economic environment in Kazakhstan, fast loan growth, and just-adequate capitalization.

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