Fitch cuts Kaspi Bank

Fitch Ratings said it downgraded Kaspi Bank's long-term issuer default rating to B- from B.

The outlook is stable.

The downgrade reflects the bank's reduced financial flexibility due to tighter capitalization, continuing asset quality deterioration and weak operating profitability in a still challenging operating environment, Fitch said.

The ratings remain supported by Kaspi's strong deposit base and low dependence on wholesale markets, the agency said.

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