S&P trims Tsesnabank ratings

S&P said it lowered its long-term issuer credit rating on Tsesnabank to B from B+. The outlook is negative.

S&P also affirmed the B short-term rating on the bank.

Furthermore, the agency lowered its Kazakh national scale rating on the bank to kzBB+ from kzBBB.

S&P also lowered the long-term global scale and Kazakhstan national scale issue ratings on the bank's senior unsecured notes in line with the issuer credit ratings.

“The downgrade reflects our view that Tsesnabank is currently facing liquidity pressures, driven by the outflow of clients' funds at the end of August, that it compensated with Kazakhstani tenge (KZT) 150 billion (about $400 million) from an emergency funding from National Bank of Kazakhstan (NBK),” S&P said in a news release.

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