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Moody's upgrades Kazakhstan-based Altyn Bank

Moody's on Dec. 12 upgraded JSC Altyn Bank's long-term local- and foreign-currency bank deposit ratings to Ba1 from Ba2 and its adjusted baseline credit assessment to "ba1" from "ba2."

The outlook on the long-term bank deposit ratings remains stable.

The agency also upgraded the Kazakh lender's long- and short-term counterparty risk ratings to Baa3/Prime-3 from Ba1/Not Prime and its long- and short-term counterparty risk assessments to Baa3(cr)/Prime-3(cr) from Ba1(cr)/Not Prime(cr). Its national scale long-term bank deposit rating was raised to Aa3.kz from A2.kz, while its national scale long-term counterparty risk rating was also upgraded, to Aa1.kz from Aa3.kz.

The upgrades reflect a high likelihood of support from Altyn Bank's parent China CITIC Bank Corp. Ltd., following the completion of the latter's acquisition of a controlling stake in the Kazakh lender in April, as well as Moody's assessment of a moderate degree of dependence between China CITIC Bank and Altyn Bank. The upgraded ratings also take into account Altyn Bank's robust financial profile, as reflected in the affirmation of its "ba2" baseline credit assessment.

Its short-term bank deposit ratings, meanwhile, were affirmed at Not Prime.