S&P cuts Kazkommertsbank

Standard & Poor's said it downgraded the long-term counterparty credit ratings Kazkommertsbank (JSC) to B+ from BB- and Halyk Savings Bank to BB- from BB.

The B short-term counterparty credit ratings were affirmed.

The outlook is negative.

"The rating actions reflect our uncertainty regarding future support for KKB and Halyk from the Kazakh government," S&P analyst Ekaterina Trofimova said in a statement.

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