Fitch rates AsiaCredit B-

Fitch Ratings said it assigned JSC AsiaCredit Bank a long-term issuer default rating of B- with a stable outlook.

Fitch said AsiaCredit's long-term issuer default ratings are underpinned by its viability rating of b-, which reflects its currently small franchise and low competitiveness, limited track record of performance under the current controlling shareholder; highly concentrated and under-provisioned loan book; significant reliance on deposits of state-owned entities; and only moderate profitability.

At the same time, the ratings positively consider the currently strong economic growth in Kazakhstan, the bank's currently reasonable capitalization and liquidity, the agency said.

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