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
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Product Type: Research Update
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