S&P affirms BTA Bank (Kazakhstan) ratings, then withdraws them following bank’s request; forecast revised to Negative

November 11. KASE

S&P affirms BTA Bank (Kazakhstan) ratings, then withdraws them following bank's request; forecast revised to NegativeStandard & Poor’s Ratings Services said today that it had revised its outlook on Kazakhstan-based BTA Bank J.S.C. to negative from stable. At the same time, we affirmed the long- and short-term counterparty credit ratings at ‘B-/C’ and the Kazakhstan national scale rating at ‘kzBB-‘. We then withdrew the ratings at the bank’s request.

The outlook revision reflected our concerns about the bank’s weak profitability, asset quality, and capitalization.

The ratings balanced the poor credit quality of the bank’s portfolio and its weak capitalization against its adequate liquidity position. The long-term rating incorporated one notch of uplift above the bank’s stand-alone credit profile to reflect a “moderate” likelihood of extraordinary government support, if required. We classified BTA Bank as a government-related entity according to our criteria.

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