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Bank TuranAlem Raised to 'BB-' on Better Environment and Slower Loan Growth; Outlook Stable Apr 03
Standard & Poors, April 2003
Abstract
LONDON (Standard & Poor's) April 11, 2003--Standard & Poor's Ratings Services said today it raised its long-term counterparty credit and certificate of deposit ratings on Kazakhstan-based Bank TuranAlem (BTA) to 'BB-' from 'B+'. The outlook is stable. 'The rating action reflects the improved economic environment in the Republic of Kazakhstan (local currency BB+/Positive/B; foreign currency BB/Positive/B), improvements in BTA's core earnings, and the bank's lower loan growth in 2002,' said Standard & Poor's credit analyst Magar Kouyoumdjian. At the same time, Standard & Poor's affirmed its 'B' short-term counterparty credit and certificate of deposit ratings on BTA. 'The rating action also reflects the increased involvement of BTA's new owners--which include Raiffeisen Zentralbank Oesterreich (--/--/A-1) and the European Bank for Reconstruction...
Companies mentioned in this report are: BTA Bank J.S.C.,Raiffeisen Zentralbank Oesterreich AG,European Bank for Reconstruction and Development,Kazakhstan (Republic of)
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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