Fitch drops Alliance Bank

Fitch Ratings said it downgraded Alliance Bank's individual rating to D/E from D, while affirming the ratings of nine other Kazakh banks.

The outlook on Temirbank's BB- long-term issuer default rating has been changed to evolving from stable.

At the same time, the agency noted that deteriorating asset quality is continuing to exert downward pressure on the ratings of Kazakh banks, with the individual ratings of Alliance, Kazkommertsbank (C/D) and BTA Bank (C/D) most likely to be further downgraded.

Fitch added that the ratings of Halyk Bank of Kazakhstan, ATF Bank, Bank Centercredit, Caspian Bank, Eurasian Bank and Tsesnabank are currently less vulnerable at their present levels.

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