Moody's upgrades Halyk

Moody's Investors Service said it upgraded Halyk Savings Bank of Kazakhstan's local-currency senior unsecured debt rating to Ba2 from Ba3 among other ratings. Following the upgrade, the bank's outlook is positive.

Unlike deposits, Moody's continues to incorporate a low level of government support into debt ratings assigned to all rated Kazakhstan banks, given the historical evidence of the largest banks' resolutions with bail-ins of unsecured creditors. Halyk's senior unsecured debt rating, therefore, continues to be positioned in line with the adjusted baseline credit assessment and was also correspondingly upgraded to Ba2 from Ba3.

“After the ratings upgrade, Halyk's long-term deposits and debt ratings carry a positive outlook. It recognizes the bank's strong and improving financial metrics and a likely scenario of operating environment improvements and potentially higher government support capacity that is currently captured in the positive outlook assigned to the sovereign ratings,” Moody’s said in a press release.

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