Research Update: Kazakhstan-Based Bank RBK Assigned 'B-/C' Ratings, Outlook Stable Jan 12

Standard & Poors, January 2012

Abstract
We are assigning our 'B-/C' long- and short-term counterparty ratings and 'kzBB-' Kazakhstan national scale rating to Bank RBK JSC (Bank RBK). The ratings reflect our 'bb-' anchor for a commercial bank operating only in Kazakhstan, as well as the bank's weak business position, adequate capital and earnings, moderate risk position, average funding, and adequate liquidity. The stable outlook reflects our view that Bank RBK will maintain an adequate capitalization and liquidity position over the next 12 months, despite our expectation of rapid loan growth and asset quality deterioration as the bank's loan portfolio matures. On Jan. 30, 2012, Standard & Poor's Ratings Services assigned its 'B-/C' long- and short-term counterparty credit ratings and 'kzBB-' Kazakhstan national scale rating to...

Companies mentioned in this report are:
- Bank RBK JSC

Action: New Rating
Action: Outlook: Stable

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.

- Bank RBK JSC

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