Moody's cuts Kazkommertsbank

Moody's Investors Service said it downgraded Kazkommertsbank's following ratings: local and foreign-currency deposit ratings to B2 from Ba3; foreign-currency senior unsecured debt rating to Caa1 from B2; foreign-currency subordinated debt rating to Caa2 from B3; and foreign-currency junior subordinated debt rating to hybrid Caa3 from hybrid Caa1.

At the same time, Moody's downgraded Kazkommertsbank's standalone bank financial strength rating (BFSR) to E, mapping to Caa1 on the long-term scale, from E+/B2.

Kazkommertsbank's debt and deposit ratings carry a negative outlook and the outlook on the bank financial strength rating is stable.

Moody's said the downgrades were due to the sharp increase in negative pressures on the company's credit profile.

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