S&P Global Ratings on Aug. 12 affirmed First Heartland Jýsan Bank's long- and short-term issuer credit ratings at B-/B and revised the outlook on the Kazakhstan-based lender to positive from stable.
The rating agency also raised the national scale rating on the bank's senior unsecured debt to "kzBB" from "kzBB-" and affirmed the B- rating on the senior unsecured debt.
First Heartland Jýsan Bank, formerly Tsesnabank, was taken over by brokerage company First Heartland Securities in February as part of its financial recovery program.
The agency said the outlook revision reflects the gradual progress the bank's new management team is making on its financial rehabilitation, noting that the firm has significantly cleaned up and de-risked its balance sheet.
S&P Global Ratings said the positive outlook reflects that it could upgrade the bank's ratings within the next 12 to 18 months if it makes further progress in recovering problem assets, restoring profitability and maintaining a relatively low risk appetite, as well as maintaining customer deposit stability.
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.