KzRating has increased the credit rating of AO Tsesnabank (Astana) to “BBB” on the national scale and “BB-” on the international scale, in both cases with a stable outlook.

According to the Agency, the rating is based on healthy market positions in northern and central Kazakhstan, minimal foreign borrowing relative to other Kazakhstan banks, a low percentage of problem loans and strong support from the Bank’s principal shareholder. Constraining factors include a moderate capital base and the heavy concentration of both client loans and deposits. The rating increase reflects asset growth, expanding market positions and steady financial indicators during the crisis period.

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KzRating has lowered the credit rating of BTA Bank from “B+” (uncertain outlook) to “B-” (negative outlook)

According to the agency, the change in rating (from “B+” with an uncertain outlook to “B-” with a negative outlook) reflects ineffective management performance at the nationalised bank, as demonstrated by a lack of improvement in its financial condition after the restructuring of obligations. The rating is based on state support and established market positions. Constraining factors include a de facto negative capital base; loss-making operations; high credit risk and high risks to liquidity; and poor corporate governance.

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KzRating has assigned a credit rating to AO “Nurbank” (Almaty) rating: “BB-”, outlook: stable

According to the agency, the rating is based on a transparent ownership structure, strong support from the principal shareholder, minimal dependence on non-resident creditors and the absence of cross-border risks. Constraining factors include above-average concentration by individual client on the funding side, a high delinquency ratio and high exposure to political risks.

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KzRating has assigned a credit rating to AO Capital Hotels (Almaty) rating: “B-”, outlook: stable

According to the agency, the rating is based on a low current debt burden, a strong capital base, and a generally solid business plan for the development of hotel services. Constraining factors include uncertainty risks in connection with a new business project, the Company’s comparatively modest size, above-average currency risk, heavy dependence on a single creditor, and strong competition in the hotel services sector.

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