S&P affirms Kazakhstani banks, cuts Tengri

S&P said it affirmed its long- and short-term issuer credit ratings on ATFBank JSC (B/negative/B), Bank CenterCredit JSC (B/stable/B), Bank RBK JSC (B-/stable/B), ForteBank JSC (B/positive/B), Halyk Savings Bank of Kazakhstan (BB/stable/B), JSC Eurasian Bank (B/negative/B), Kassa Nova Bank JSC (B/negative/B), Nurbank (B-/negative/B), SB Alfa-Bank JSC (BB-/stable/B), Kaspi Bank JSC (BB-/stable/B) and VTB Bank (Kazakhstan) (BB+/stable/B).

The agency lowered its long-term issuer credit rating on Tengri Bank to B- from B and affirmed the B short-term rating.

S&P also removed these ratings from CreditWatch with negative implications, where they were placed on Aug. 17.

The outlook is stable.

The agency said it affirmed the ratings on 11 Kazakh financial institutions because it believes that they will remain resilient to increased industry risks.

S&P said it lowered the long-term rating on Tengri Bank based on its weakened capitalization.

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