Summary: Kazkommertsbank (JSC)
- ID: 1721487
- April 2011
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Kazakhstan-based Kazkommertsbank (JSC) (KKB) reflect the high-risk economic and banking environment in the Republic of Kazakhstan (foreign currency BBB/Stable/A-3, local currency BBB+/Stable/A-2), increased pressure on the bank's asset quality, high dependence on foreign debt, limited capitalization, and high, albeit gradually declining, single-name concentrations in corporate loans and deposits. On the other hand, KKB has a good market position, particularly among large Kazakh corporate clients, and adequate core revenue generation, supported by aggressive cost management. In addition, the bank's cautious and fairly efficient business and operational adjustments and deleveraging are helping it adapt to the tough operating environment. KKB is one of the largest banks in Kazakhstan, with total assets of Kazakhstani tenge (KZT) 2.7 trillion (about $18.2...
Companies mentioned in this report are: Kazkommertsbank (JSC)
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