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Fitch downgrades 3 Kazakh banks

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Fitch downgrades 3 Kazakh banks

Fitch Ratings on May 11 took various actions on threeKazakhstan lenders, following the downgrade of the country's ratings.

Fitch downgraded JSC Development Bank of Kazakhstan's long- andshort-term local-currency issuer default ratings to BBB-/F3 from BBB+/F2 andits long-term foreign-currency issuer default rating to BBB- from BBB. Theoutlook on the long-term ratings is stable. Fitch also revised the bank'ssupport rating floor to BBB- from BBB.

The rating agency downgraded 's long- and short-termlocal-currency issuer default ratings to BBB-/F3 from BBB+/F2. Fitch downgradedthe company's national long-term rating to AA+(kaz) from AAA(kaz). The outlookon the long-term ratings is stable. The agency also revised the company'ssupport rating floor to BBB- from BBB+.

Fitch also cut KazAgroFinanceJSC's long-term foreign- and local-currency issuer default ratingsto BB+ from BBB-, with a stable outlook. The agency also downgraded the bank'sshort-term foreign-currency issuer default rating to B from F3 and the bank'ssupport rating to 3 from 2. The support rating floor was revised to BB+ fromBBB-.

The rating agency affirmed the support ratings at 2 ofDevelopment Bank of Kazakhstan and Housing Construction Savings Bank ofKazakhstan.

The long-term issuer default ratings of Development Bank ofKazakhstan and House Construction and Savings Bank of Kazakhstan are based on Fitch'sview of a high probability of state support, if needed.The rating agency assesses a "moderate" probability of state supportfor KazAgroFinance.