Moody's ups Temirbank

Moody's Investors Service said it upgraded to Ba1 the long-term foreign currency deposit rating of Temirbank.

In addition, Moody's said it has also upgraded the long-term debt rating for senior notes issued by Temir Capital BV, which are guaranteed by Temirbank, to Baa3.

Temirbank's deposit ratings are constrained by the Ba1/NP foreign currency ceiling for bank deposits in Kazakhstan while its Baa3 rating for senior debt issued under foreign law is unconstrained, the agency noted.

Moody's explained that the upgrade reflects the increased likelihood of external support for Temirbank in the event of need from its new parent company Bank TuranAlem (rated Ba1/NP/D- for foreign currency bank deposits/FSR and Baa1 for senior debt).

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