S&P elevates Bank RBK

S&P said it raised the long- and short-term issuer credit ratings on Bank RBK JSC to CCC/C from D/D and raised the national scale rating to kzCCC+ from kzD.

The agency also placed all ratings on the bank on CreditWatch with developing implications.

“We understand that Bank RBK currently services its obligations in full and on time, having received significant capital and liquidity support from its shareholders and the National Bank of Kazakhstan,” S&P said in a news release.

“Nevertheless, we believe that Bank RBK has to prove absence of further customer deposit outflows and is dependent on disbursal of further tranches of agreed shareholder and government support.”

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