Fitch cuts Kazkommertsbank to CCC

Fitch Ratings said it downgraded Kazkommertsbank's long-term issuer default ratings to CCC from B-.

The agency also affirmed the long-term issuer default ratings of subsidiary bank Sberbank of Russia, JSC at BB+, Halyk Bank of Kazakhstan at BB, Tsesnabank at B+, Bank Centercredit at B and ATF Bank JSC at B-.

The outlook on Tsesnabank was revised to negative from stable. The outlooks on Halyk, Bank Centercredit and ATF are stable and on Sberbank negative. Sberbank’s viability rating was downgraded to b+ from bb-.

Fitch said the negative actions on Kazkommertsbank, Sberbank and Tsesnabank reflect increased pressure on the banks' asset quality and capitalization, primarily as a result of the depreciation of the Kazakh tenge and the slowdown of the domestic economy.

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