S&P ups Kazkommertsbank, Halyk Savings

S&P said it raised its long-term issuer credit rating on Kazkommertsbank to BB from B+ and removed the rating from CreditWatch with positive implications where it was placed on Dec. 22, 2017. The outlook is stable.

The agency also revised the outlook on Halyk Savings Bank of Kazakhstan to stable from negative and affirmed the long-term ratings on the bank at BB.

At the same time, the agency affirmed the B short-term issuer credit ratings on both banks.

S&P also raised the Kazakhstan national scale rating on Halyk Bank to kzA+ from kzA and raised the Kazakhstan national scale rating on Kazkommertsbank to kzA+ from kzBBB- and removed it from CreditWatch positive.

The agency said the actions follow the announcement that Halyk Bank received approval from the National Bank of Kazakhstan to proceed with the merger of Kazkommertsbank into Halyk Bank.

“We now see the merger as almost certain and believe that Halyk Bank will support KKB under any foreseeable circumstances,” S&P said in a news release.

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