S&P Global Ratings on March 22 kept the B+ long-term global scale issuer credit rating and kzBBB- long-term Kazakhstan national scale rating of JSC Kazkommertsbank on CreditWatch with positive implications.
At the same time, the rating agency affirmed the bank's B short-term issuer credit rating and removed it from CreditWatch positive, where it was placed in error previously.
The action reflects the still-pending approvals by shareholders and Kazakh and Russian regulators of Kazkommertsbank's merger and integration into JSC Halyk Savings Bank of Kazakhstan, the agency said. The merger will likely get shareholder approval by April-end and be completed in the second half, S&P noted.
Upon completion, S&P said it would likely equalize Kazkommertsbank's ratings with those of Halyk Bank and subsequently withdraw them since the bank would not be a separate legal entity afterwards. If the merger fails, KKB's current ratings would likely be affirmed, the agency added.
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.