Summary: Kazkommertsbank (JSC)

Standard & Poors, January 2006

Abstract
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 business. The decision of the European Bank for Reconstruction and Development (EBRD; AAA/Stable/A-1+) to invest into the equity of KKB has improved KKB's corporate governance. Despite being the leading bank in Kazakhstan, KKB is still small by international standards, and vulnerable to single-party concentrations. This reflects the nature of the Kazakh economy, which is focused on...

Companies mentioned in this report are: Kazkommertsbank (JSC)
Action: Review

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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.

Kazkommertsbank (JSC)

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