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S&P cuts Kazakhstan-based AsiaCredit Bank's outlook, downgrades rating

S&P Global Ratings on June 5 revised the outlook on JSC AsiaCredit Bank to negative from stable and affirmed the Kazakhstan-based bank's long- and short-term issuer credit ratings at B-/B.

The agency also downgraded the long-term Kazakhstan national scale rating on the bank to "kzB+" from "kzBB-."

The negative outlook reflects the fact that S&P could downgrade the ratings if AsiaCredit Bank's business position, earnings, funding, liquidity and capital adequacy continue to deteriorate due to an adverse operating environment.

S&P said it sees the stability of AsiaCredit Bank's franchise coming under pressure from weakening market confidence in small and midsize banks in Kazakhstan. It said the bank could struggle to maintain its current business volumes and generate positive profits in 2018.

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 documents referred to in this news brief can be found here.