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S&P lowers Bank of Astana
S&P said it lowered its long- and short-term issuer credit ratings on Bank of Astana JSC to CCC/C from B-/B.
The agency also lowered its Kazakhstan national scale rating on the bank to kzCCC+ from kzB+.
S&P subsequently placed the long-term issuer credit and national scale rating ratings on CreditWatch with negative implications.
“The downgrade stems from our view that Bank of Astana is currently facing substantial liquidity pressures, due to a loss of confidence among its clients,” the agency said in a news release.
“This situation arose after the President of Kazakhstan expressed concerns regarding three small Kazakh banks, including Bank of Astana, during a meeting with the National Bank of Kazakhstan (NBK) on April 18.”
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