Fitch lifts Kazkommertsbank

Fitch Ratings said it has upgraded the long-term issuer default ratings of Kazkommertsbank to B from B- and Bank Centercredit to B+ from B.

The agency said it has also affirmed the long-term issuer default ratings of three other Kazakh banks, namely ATF Bank at BBB, Halyk Bank of Kazakhstan at BB- and Kaspi Bank at B-.

At the same time, Fitch noted that it upgraded the long-term issuer default rating of BCC-Moscow, the Russian subsidiary of Centercredit, to B+ from B, and affirmed Kazkommertsbank subsidiary Moskommertsbank at B-.

All of the long-term issuer default ratings carry a stable outlook, with the exception of ATF, which has a negative outlook.

Fitch said that it continues to regard the Kazakh banking sector as weak, but stable, as reflected in the generally low rating levels and the prevailing outlook.

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