Fitch gives Halyk Finance ratings BB

Fitch Ratings said it assigned JSC Halyk Finance long-term issuer default ratings of BB with a stable outlook.

Halyk Finance’s long-term issuer default ratings are aligned with the ratings of its parent bank, Halyk Bank of Kazakhstan (BB/stable), reflecting Fitch's view of Halyk Bank’s high propensity to provide support to its subsidiary, if needed.

The agency said it classifies Halyk Finance as a 'core subsidiary' according to the agency's 'Rating FI Subsidiaries and Holding Companies' criteria based on: (a) It being an integral part of the group, wholly owned and supervised by the parent; (b) significant reputational risks stemming from a potential default of the subsidiary; and (c) limited cost of potential support.

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