Research Update: Kazakhstan-Based Kazkommertsbank (JSC) Lowered To 'B+' On Diminishing Likelihood Of State Support; Outlook Negative May 09
- ID: 1786680
- May 2009
- Standard & Poors
On May 6, 2009, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on one of Kazakhstan's leading banks, Kazkommertsbank (JSC), to 'B+' from 'BB-'. The outlook is negative. At the same time, we affirmed the 'B' short-term counterparty credit rating on KKB. The downgrade follows our uncertainty regarding future support for KKB from the Kazakh government. In light of this, we have revised our classification of the Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local currency BBB/Negative/A-3) to "supportive" from "interventionist" with regard to the government's propensity to intervene and support systemically important banks. We continue to view KKB as highly important in the Kazakh economy and financial sector and as a government-related entity (GRE) under Standard &...
Companies mentioned in this report are:
- Kazkommertsbank JSC
- Kazkommerts International B.V.
- Kazkommerts Finance 2 B.V.
Action: Outlook: Negative
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Product Type: Research Update
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