Fitch lowers Bank of Astana, AsiaCredit Bank

Fitch Ratings said it downgraded the long-term issuer default ratings on Bank of Astana JSC and AsiaCredit Bank JSC to B- from B.

Both banks have stable outlooks.

The agency also said it placed Eximbank Kazakhstan's long-term issuer default ratings of B- on Rating Watch negative.

The downgrades reflect the persistently high amount of high risk and impaired loans at the banks, along with their modest capital buffer relative to potential problems, Fitch said.

The ratings also capture the bank's limited franchise and high concentrations on both sides of the balance sheet, the agency said.

The ratings are supported by the still reasonable liquidity position after some tightening in the last few months, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.