Fitch boosts Temirbank

Fitch Ratings said it upgraded the ratings of Temirbank to issuer default BB- from B- and to support 3 from 5, thus resolving the rating Watch positive placed on the ratings on Sept. 21.

A stable outlook is assigned to the issuer default rating, Fitch said.

At the same time, the agency has affirmed the bank's other ratings at individual D/E and short-term B, the agency noted.

The upgrade follows the completion of the acquisition of a 52% stake in Temir by Bank TuranAlem (rated foreign currency issuer default rating BB+ with a positive outlook), one of the two largest banks in Kazakhstan and reflects the now greater probability of support being forthcoming for Temir in case of need, the agency added.

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