Fitch affirms Kazkommertsbank

Fitch Ratings said it affirmed Kazkommertsbank's ratings at long-term foreign currency issuer default rating BB+, short-term issuer default rating B, long-term local currency BBB-, short-term local currency issuer default rating F3, individual C/D, support 3 and support rating Floor BB+.

The outlooks for both long-term issuer default ratings remain negative.

The agency said that Kazkommertsbank's issuer default ratings and support rating reflect the moderate probability that support would be forthcoming from the Kazakhstani authorities in case of need, given the bank's substantial domestic franchise.

The negative outlooks on the long-term issuer default ratings reflect those on the ratings of the Kazakh sovereign (local currency BBB+, foreign currency BBB), Fitch noted.

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