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Standard & Poors, May 2005
Strong franchise, particularly among large Kazakh corporates; Strong core revenues and tight cost control provide good profitability; and Good financial flexibility, which has lengthened funding tenures, while introducing rollover risk. Fast loan growth untested to external shocks; Operates in a high-risk economic and banking environment; and Weak core capital considering lending concentrations and fast loan growth. The ratings on Kazakhstan-based Kazkommertsbank (JSC) (KKB) reflect the rapid loan growth and significant concentrations in lending and funding in a high-risk economic and banking environment. Furthermore, fast loan growth has pressurized capitalization, which needs to be addressed soon. KKB has been using Kazakhstan's improved economic prospects to its advantage, attracting primary funds as well as international debt to fund its growing profitable lending...
Companies mentioned in this report are: Kazkommertsbank (JSC)
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.
Research Type: Full Analysis