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S&P downgrades Kazakhstan-based Nurbank

S&P Global Ratings on June 8 downgraded Kazakhstan-based JSC Nurbank's long-term counterparty credit rating to B- from B, with the outlook on the rating negative.

The rating agency also lowered the bank's Kazakhstan national scale rating to "kzB+" from "kzBB" and affirmed the B short-term counterparty credit rating.

The ratings action reflects Nurbank's record of continued poor earnings, which puts pressure on its capital buffers and has led to an absence of positive dynamics in terms of market share over the past five years, S&P noted. As a result, the rating agency revised its assessment of Nurbank's business position to weak from moderate.

The negative outlook reflects the agency's concerns about Nurbank's ability to maintain its funding and liquidity base, develop new business and generate sufficient stable revenues to maintain its moderate capital position over the next 12 months. The outlook also reflects negative trends on the economic and industry risks in Kazakhstan's banking sector.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.