Fitch takes actions on Kazakh banks

Fitch Ratings said it took various rating actions on Kazakh banks and their subsidiaries' long-term issuer default ratings, including the following:

• Halyk Bank's BB- issuer default rating placed on Rating Watch Evolving;

• BTA Bank's issuer default rating upgraded to CCC from RD, placed on Rating Watch Positive;

• Kazkommertsbank's issuer default rating affirmed at B with a stable outlook, and its Russian subsidiary, CB Moskommertsbank, downgraded to CCC from B-; and

• Bank CenterCredit and its Russian subsidiary, Bank BCC-Moscow, affirmed at B+ with a stable outlook.

Fitch said the Kazakh banks have in general continued to benefit from a steadily growing economy, which has provided some opportunities for business growth, supported the quality of recently issued loans and enabled banks to rebalance funding bases towards domestic sources. GDP growth was a solid 5% in 2012, and Fitch forecasts similar rates in 2013-2014.

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