S&P lifts Kazkommertsbank

S&P said it affirmed the BB long-term and B short-term counterparty credit ratings on Halyk Savings Bank of Kazakhstan (Halyk Bank).

The outlook is negative.

S&P also said it affirmed the bank's kzA Kazakhstan national scale rating.

The agency also said it raised the long-term counterparty credit rating on Kazkommertsbank JSC to B+ from B-.

The outlook on this bank also is negative.

S&P also affirmed the bank's B short-term counterparty credit rating and raised its Kazakhstan national scale rating to kzBBB- from kzB+.

The agency also said it removed all of the ratings on Halyk Bank and Kazkommertsbank from CreditWatch, where they were placed in June.

The actions follow the completion of Halyk Bank's acquisition of 96.8% of Kazkommertsbank's common shares July 5, S&P explained.

The upgrade of Kazkommertsbank reflects a view that the acquisition has strengthened its capitalization and that the bank now has a strategically important status within Halyk Group, the agency said.

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