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Moody's lowers to stable four Kazakhstan banks
Moody's Investors Service said it has changed to stable from positive the outlook on the Ba1 long-term foreign currency deposit ratings of Kazkommertsbank, Bank TuranAlem, Halyk Bank and Bank CenterCredit.
The Ba1 senior unsecured debt rating and Ba3 junior subordinated debt rating of CenterCredit International BV, a Netherlands-based special-purpose vehicle of Bank CenterCredit, have also been revised to stable from positive.
In addition, the Baa3 issuer rating for the Development Bank of Kazakhstan has been placed on review for possible upgrade.
The rating agency also revised the outlook on Bank CenterCredit's D- financial strength rating to stable from positive.
The Ba1/NP deposit ratings and the D- financial strength rating of ATF Bank, all of which carry a stable outlook, have been affirmed, as has the Baa2 local currency issuer rating of Kazakhstan Mortgage Co.
The rating agency noted that the outlook change on the Ba1 long-term foreign-currency deposit ratings reflects growing concerns over the very rapid credit expansion in the Kazakh banking sector during recent years, with potential negative medium-term implications for the banks' asset quality.
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