Fitch ups ATF Bank view to stable

Fitch Ratings said it revised ATF Bank's outlook to stable from negative. The agency also said it affirmed its long-term foreign- and local-currency issuer default ratings at BBB, short-term foreign-currency issuer default rating at F3, senior unsecured debt at BBB and national long-term rating at AAA(kaz) and national senior unsecured debt rating at AAA(kaz).

The change in outlook follows the upgrade of Kazahkstan's outlook to stable, Fitch said.

The bank's ratings are driven by potential support from the bank's ultimate owner, UniCredit Spa, rated A, F1 with negative view, the agency said.

The ratings also reflect the bank's weak asset quality and its potential further deterioration due to high borrower concentrations and its exposure to the construction/real estate sectors, the agency said.

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