Fitch Ratings on Dec. 20 placed JSC Kazkommertsbank's BB- long-term foreign- and local-currency issuer default ratings and senior unsecured debt rating on Rating Watch Positive, due to its upcoming merger with JSC Halyk Savings Bank of Kazakhstan.
The Rating Watch Positive on Kazkommertsbank's long-term issuer default ratings is based on the potential for the bank's creditors to be exposed to a stronger institution in case of the merger with Halyk Bank. The Rating Watch Positive on the bank's senior unsecured debt rating is based on its issuer default ratings.
Fitch said it expects to resolve the Rating Watch Positive once the merger is completed. The agency also affirmed Kazkommertsbank's 3 support rating, while its B short-term issuer default ratings and senior unsecured debt rating, "b" viability rating and B support rating floor were unaffected.
Halyk Bank completed the acquisition of Kazkommertsbank in July.