Moody's upgraded JSC Kazkommertsbank's long-term bank deposit rating to Ba1 from Ba2, with a stable outlook.
The agency also upgraded the lender's long- and short-term counterparty risk ratings to Baa3/Prime-3 from Ba1/Not-Prime, while no changes were made to the bank's Not-Prime short-term bank deposit rating, "b3" baseline credit assessment, "b1" adjusted baseline credit assessment and Ba1(cr)/Not-Prime(cr) long- and short-term counterparty risk assessments.
Moody's noted all the above ratings of Kazkommertsbank have been equalized with JSC Halyk Savings Bank of Kazakhstan and will be subsequently withdrawn, as a result of the two Kazakh lenders' merger. Kazkommertsbank will cease to exist as a separate legal entity, with its assets and liabilities fully assumed by Halyk Bank, Moody's said.
Additionally, the rating agency affirmed Halyk Bank's Ba1/Not-Prime long- and short-term bank deposit ratings, Ba3 senior unsecured debt rating, "ba3" baseline credit assessment and adjusted baseline credit assessment, Baa3/Prime-3 long- and short-term counterparty risk ratings and Baa3(cr)/Prime-3(cr) long- and short-term counterparty risk assessments. The outlook on the long-term bank deposit rating and senior unsecured debt rating remains stable.