Moody's upgrades Kaspi Bank

Moody's Investors Service said it upgraded the global scale ratings and assessments of Kaspi Bank JSC, including its baseline credit assessment and adjusted BCA to ba3 from b1, its long-term local currency senior unsecured medium-term notes program rating to (P)Ba3 from (P)B1 and subordinate MTN program rating to (P)B1 from (P)B2. The overall issuer outlook was changed to stable from positive.

“The upgrade of Kaspi Bank's BCA and ratings recognizes the bank's robust financial fundamentals and its demonstrated resilience to the adverse operating environment in 2020, when Kazakhstan's economy was hit by the coronavirus pandemic and the oil price plunge. In 2020 and the first quarter of 2021, the bank's profitability remained robust, its liquidity buffer strengthened and its asset quality improved,” Moody’s said in a press release.

The agency said the outlook reflects the assessment that the expected operating environment improvements and possibly higher government support capacity will unlikely lead to another ratings upgrade in the next 12-18 months.

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