S&P Global Ratings on Dec. 22 took ratings actions on several Kazakh lenders.
The agency placed the B+ long-term issuer credit rating and "kzBBB-" Kazakhstan national scale rating of JSC Kazkommertsbank on CreditWatch with positive implications, citing its expectation that the bank will become integral to JSC Halyk Savings Bank of Kazakhstan and receive support under foreseeable circumstances. The agency affirmed Kazkommertsbank's B short-term issuer credit rating and said it intends to resolve the CreditWatch when the bank's merger with Halyk Bank is completed, following which Kazkommertsbank's ratings will be equalized with Halyk Bank and subsequently withdrawn.
The agency also affirmed the BB/B long- and short-term issuer credit ratings of Halyk Bank, with a negative outlook, and its "kzA" Kazakhstan national scale rating.
Separately, S&P upgraded Bank RBK JSC's long- and short-term issuer credit ratings to CCC/C from D/D and national scale ratings to "kzCCC+" from "kzD", and placed all the ratings of the bank on CreditWatch with developing implications. The upgrade reflects the agency's understanding that the bank had resumed servicing its obligations fully and timely, following capital and liquidity support from shareholders and the National Bank of the Republic of Kazakhstan.
S&P said a future ratings action on Bank RBK will depend on the bank's ability to service its obligations in full and on time and its expectations that the bank will report improvements in its capitalization, asset quality and liquidity.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.