S&P might lift Kazkommertsbank

S&P said it affirmed the BB/B long- and short-term issuer credit ratings on Halyk Savings Bank of Kazakhstan and affirmed the kzA Kazakhstan national scale rating.

The outlook remains negative.

At the same time, the agency placed the B+ long-term issuer credit rating and kzBBB- Kazakhstan national scale rating on Kazkommertsbank JSC on CreditWatch with positive implications and affirmed the B short-term issuer credit rating.

The actions follow Halyk Bank's announcement on Dec. 15 that its board of directors has approved the merger of Kazkommertsbank into Halyk Bank, S&P said.

“We believe that Halyk Bank's financial profile will remain largely stable after possible capital outflows from minority shareholders during the upcoming group reorganization,” the agency said in a news release.

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