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S&P changes Kassa Nova outlook following ForteBank deal

S&P Global Ratings on Dec. 21 changed the outlook on JSC Bank Kassa Nova's issuer credit rating to stable from negative, following JSC ForteBank's proposed acquisition of the bank from local company Nova Leasing.

The rating agency affirmed the Kazakh bank's long- and short-term issuer credit ratings at B and the Kazakhstan national scale rating at kzBB+.

The long- and short-term issuer credit ratings of ForteBank were also affirmed at B, while the Kazakhstan national scale rating was affirmed at kzBBB-. The agency also affirmed the bank's senior unsecured debt at B and its national scale senior unsecured debt at kzBBB-.

The acquisition could lead to efficiency benefits for the two banks if they share some operations, but the effect on ForteBank's creditworthiness will be broadly neutral because of its large size compared to Kassa Nova.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found in the sources section.