Fitch drops Home Credit and Finance Bank

Fitch Ratings said it downgraded Kazakhstan-based SB JSC Home Credit and Finance Bank (HCK) to B+ from BB-.

The outlook is negative.

Fitch said the downgrade ratings follows the downgrade of bank’s parent, Russia's Home Credit & Finance Bank (HCFB; BB-/negative). HCK's downgrade reflects the parent's reduced ability to provide support to HCK, in case of need, due to pressure HCFB faces from deteriorating asset quality in its domestic market.

The negative outlook on HCK's ratings mirrors that on the parent.

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