Fitch cuts Kazakh banks

Fitch Ratings said it downgraded Halyk Bank, Kazkommertsbank, Bank CenterCredit and Astana Finance on support and asset quality concerns.

Halyk's long-term issuer default rating was cut to B+ from BB-, Kazkommertsbank to B- from BB-, Bank CenterCredit to B from B+ and Astana Finance to CCC from B+.

The agency also said it downgraded Moskommertsbank, the Russian subsidiary of Kazkommertsbank, to CCC from B-, and Astana Finance Leasing, a subsidiary of Astana Finance, to CCC from B+.

The downgrades reflect a combination of support and asset quality concerns, Fitch said.

The agency said it revised downward its expectations of government support for the country's leading financial institutions following the defaults of BTA Bank and Alliance Bank JSC.

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