S&P lifts Kazkommertsbank

S&P said it raised the long-term counterparty credit rating on Kazkommertsbank JSC to B- from CCC+, along with its Kazakhstan national scale rating to kzB+ from kzB-.

The agency also said it affirmed the bank’s short-term rating at C.

The outlook is negative.

The upgrades reflect the bank’s strengthened capitalization due to the company’s small positive net income in the first half of 2016, S&P said.

The agency said it no longer considers the bank's financial commitments to be unsustainable in the long term, but the company continues to face difficulty in developing new business while addressing a legacy of poor asset quality amid unsupportive operating conditions in Kazakhstan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.