S&P upgrades Halyk Savings Bank

Standard & Poor's said it raised its long-term counterparty credit rating on Halyk Savings Bank of Kazakhstan to BB- from B+. The outlook is stable.

At the same time, S&P affirmed the short-term counterparty credit rating on Halyk at B.

S&P said the upgrade reflects Halyk's consistent progress in strengthening its financial and business profiles over the past few years. The bank's strong market position and ample liquidity stemming from large customer deposits also support the ratings.

These positive factors, S&P noted, are constrained by the still-high-risk economic environment in the Republic of Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3); the bank's fast loan growth; and marginal capitalization.

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