Fitch ups Halyk Bank individual rating

Fitch Ratings said it upgraded Kazakhstan-based Halyk Bank's individual rating to C/D from D.

The bank's other ratings are affirmed at long-term BB with a stable outlook, short-term B and support 3.

Fitch said the upgrade of the individual rating reflects Halyk's continued strong performance in 2004 with a return on average assets of 2.5%, building on a marked improvement in profitability in 2003.

The long-term, short-term and individual ratings also reflect the bank's broad franchise, in particular in the retail and small- and medium-sized enterprise sectors, reasonable liquidity and relatively low market risk appetite, Fitch said. However, they also consider the risk inherent in the rapid expansion of the bank's loan book, significant, albeit reduced, loan concentrations and less prudent provisioning policies.

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