S&P lifts Bank CenterCredit national rating

S&P said it affirmed the B long-term and B short-term issuer credit ratings and outlook on Bank CenterCredit.

The agency also said it raised the long-term Kazakhstan national scale rating on the bank to kzBBB- from kzBB+.

The outlook is stable.

The global scale rating reflects an expectation that the bank's asset quality indicators will continue to gradually improve through recoveries and write-offs, S&P said.

The agency said it raised the local scale rating because the bank's relative creditworthiness is viewed as stronger than other comparable local peers with the same global scale rating.

The bank's business position balances its decent market share and its track record of very low profitability over the past 10 years, S&P said.

The recent change in the bank's ownership is considered neutral for the future development of its business and strategy, the agency added.

The bank's capital and earnings remain a negative rating factor because its earnings are insufficient to rebuild historically low capital levels and provide sufficient loss absorption capacity if its loan-portfolio quality deteriorates, S&P said.

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