Moody's cuts Nurbank

Moody's Investors Service said it downgraded the long-term foreign- and local- currency bank deposit ratings and foreign- and local-currency senior unsecured debt ratings of Nurbank to B3 from B2.

The outlook was changed to stable from negative.

The downgrade is driven by the bank's weak asset quality, which is not adequately counterbalanced by its capital and by loan loss reserves, Moody's said.

The agency said it regards the bank's asset quality as weak and a significant portion of the restructured loans may deteriorate going forward.

In the medium term, Nurbank is likely to continue facing significant pressure from still tough credit conditions in Kazakhstan, Moody's added.

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