Research Update: Kazkommertsbank JSC Downgraded To 'B/C' On Poor Problem Asset Recovery, Weak Earnings, Low Provisioning; Outlook Stable Sep 13
- Language: English
- Published: September 2013
On Dec. 11, 2007, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Kazakhstan-based Kazkommertsbank (JSC) (KKB) to 'BB' from 'BB+' and affirmed the 'B' short-term counterparty credit rating on the bank. At the same time, Standard & Poor's revised its outlook on KKB to negative from stable. The downgrade and outlook revision reflect-Standard & Poor's growing concerns about potential pressure on the bank's asset quality and liquidity from the tight domestic credit and liquidity conditions, which are likely to persist throughout 2008. The ratings reflect fast loan growth and significant concentrations in lending and funding in the high-risk economic and banking environment of the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3, local currency BBB/Stable/A-3). KKB has grown...
Companies mentioned in this report are: Kazkommertsbank (JSC)
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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