S&P affirmed HSBC Bank Kazakhstan ratings and withdrawn them at the Bank request, Outlook “Stable”
June 17. KASE
Standard & Poor’s Ratings Services today affirmed its ‘BBB/A-2’ long- and short-term counterparty credit ratings and ‘kzAA+’ national-scale ratings on HSBC Bank Kazakhstan JSC (HSBC/Kz). We subsequently withdrew all ratings on the bank at its request. The outlook was stable at the time of the withdrawal.
Our ratings on HSBC/Kz reflected its anchor of ‘bb-‘, as well as its “adequate” business position and, capital and earnings, “strong” risk position, “above average” funding, and “adequate” liquidity, as our criteria define these terms. The stand-alone credit profile (SACP) is ‘bb’.
The long-term rating on HSBC/Kz benefited from a three-notch uplift from the bank’s SACP based on its status as a “strategically important” subsidiary of U.K.-based HSBC Holdings PLC and our expectation that the parent would provide extraordinary support to HSBC/Kz if needed.
At the time of withdrawal, the stable outlook on HSBC/Kz incorporated our view that the bank would continue its focused growth without changing its risk appetite, which should underpin the stability of its business and financial profiles. In addition, we anticipate that HSBC/Kz will remain strategically important to its parent, HSBC Holdings PLC.
HSBC/Kz had no outstanding debt at the time of withdrawal.