S&P: Halyk Bank Ratings Unaffected By Announced Sale Of 60% Stake In Altyn Bank

S&P Cuts Kazakh Samruk-Energy Ratings On Increasing Refinancing Risk
S&P Global Ratings said today that its ratings on Halyk Bank (BB/Negative/B) are unaffected following the bank’s announcement that it is selling a 60% stake in Altyn Bank (formerly HSBC Bank Kazakhstan) to China Citic Bank Corp. Ltd. (CITIC-Bank). CITIC-Bank was China’s ninth-largest bank in terms of total assets as of Sept. 30, 2016, and is part of a major Chinese state-owned corporation, CITIC Group Corp. (A-/Negative/A-2). The deal is set to be completed in the first half of 2017.
Issuer: Halyk Bank
Outstanding issues:
2 issues USD 1,200,000,000
3 issues KZT 285,000,000,000
Issuer rating:
Expert RA Kazakhstan Withdrawn/ National Scale (Kazakhstan) 12/25/2013
Moody’s Investors Service Ba2/Negative LT- foreign currency 04/27/2016
Moody’s Investors Service Ba2/Negative LT- local currency 04/27/2016
S&P Global Ratings BB+/Negative Foreign Currency LT 02/13/2015
S&P Global Ratings BB+/Negative Local Currency LT 02/13/2015
Fitch Ratings BB/Stable LT Int. Scale (foreign curr.) 01/19/2016
Fitch Ratings BB/Stable LT Int. Scale (local curr.) 01/19/2016
November 17, 2016 – Cbonds
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