Fitch lifts ATF Bank from junk

Fitch Ratings said it upgraded ATF Bank's long-term foreign-currency issuer default rating to BBB+ from BB-, short-term issuer default rating to F2 from B and support rating to 2 from 3. All ratings are removed from Rating Watch positive. Fitch said it has withdrawn the support rating floor in line with Fitch's current treatment of institutional support. The individual rating remained at D.

A stable outlook is assigned.

The actions follow the recent completion of the acquisition of 95.6% of common stock in the bank by one of Italy's major commercial banks, UniCredit Spa, rated A+/F1/positive view, through its Vienna-based subsidiary Bank Austria Creditanstalt.

The upgrades reflect UniCredit's greater ability to provide the bank with support in case of need, compared with Kazakhstani authorities.

A downgrade, however, of the country ceiling or UniCredit's long-term issuer default rating could result in a downgrade for ATF, the agency said.

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