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S&P raises national scale ratings of BTA Bank, Novacom after error correction

S&P Global Ratings on Sept. 24 raised the national scale ratings of Kazakhstan-based BTA Bank JSC and Novacom Corp. LLP to kzBB+ from kzBB following an error correction.

The agency also affirmed the long-and short-term ratings at B of the two companies, with a stable outlook on the long-term ratings.

S&P Global Ratings said it had incorrectly applied the national scale rating criteria and corrected it following the discovery of the error.

The stable outlook reflects S&P's view that Novacom and BTA Bank will continue to gradually reduce its problem assets, with cash proceeds sufficient to cover its liquidity needs.

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.