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Fitch ups Kazkommertsbank
Fitch Ratings said it affirmed Halyk Bank of Kazakhstan's long-term foreign- and local-currency issuer default ratings at BB and removed them from rating watch negative.
The agency also upgraded Kazkommertsbank's long-term issuer default ratings to BB- from CCC and removed them from rating watch evolving.
The outlooks on both banks' long-term issuer default ratings are stable.
Fitch said the actions follow Halyk Bank’s acquisition of 96.81% of Kazkommertsbank’s ordinary shares and the latter's recapitalization in July 2017. The acquisition was performed after the provision of financial support for Kazkommertsbank by the state authorities of Kazakhstan and Halyk Bank.
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