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Moody's acts on 4 Kazakh banks following change of outlook on sovereign rating

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Moody's acts on 4 Kazakh banks following change of outlook on sovereign rating

Moody's on Aug. 27 acted on four Kazakh banks — JSC Kaspi Bank, SB JSC Sberbank, JSC Halyk Savings Bank of Kazakhstan and House Construction Savings Bank of Kazakhstan JSC following the change of outlook on Kazakhstan's Baa3 sovereign rating to positive from stable.

The agency upgraded the long-term bank deposit ratings of Kaspi Bank to Ba2 from Ba3 and SB JSC Sberbank to Ba1 from Ba3. The outlooks on the ratings remain stable.

The rating agency also upgraded SB Sberbank's baseline credit assessment to "b2" from "b3", adjusted baseline credit assessment to "ba2" from "ba3", long-term counterparty risk assessment to Ba1(cr) from Ba2(cr) and long-term counterparty risk ratings to Ba1 from Ba2. Meanwhile, Kaspi Bank's long-term national scale bank deposit rating was upgraded to A2.kz from A3.kz.

Moody's affirmed Kaspi Bank and SB Sberbank's Not Prime short-term bank deposits and counterparty risk ratings as well as their Not Prime(cr) short-term counterparty risk assessments. Moreover, the agency affirmed Kaspi Bank's Ba2 long-term counterparty risk ratings at Ba2, A1.kz long-term national scale counterparty risk rating, Ba2(cr) long-term counterparty risk assessment, and "b1" baseline and adjusted baseline credit assessments.

Furthermore, the agency affirmed the long- and short-term bank deposit ratings of Halyk Bank and House Construction Savings Bank at Ba1/Not Prime and Baa3/Prime-3, respectively. The outlooks on the long-term ratings were changed to positive from stable. The rating agency also affirmed the two banks' Baa3/Prime-3 long- and short-term counterparty risk ratings and Baa3(cr)/Prime-3(cr) long- and short-term counterparty risk assessments.

Halyk Bank and House Construction Savings Bank's baseline and adjusted baseline credit assessments were affirmed at "ba3" and "ba2", respectively.