Baku, Azerbaijan, Mar. 27
By Rashid Shirinov – Trend:
International credit rating agency Fitch Ratings has affirmed the Issuer Long-term Default Rating (IDR) in foreign and national currency of Altyn Bank JSC at BBB–, and assigned a Viability Rating (VR) at bb–. The outlook is Stable, Trend reports via the press service of the bank.
It is noteworthy that international credit ratings of the bank remain the highest among private commercial banks in Kazakhstan.
According to Fitch, Altyn Bank's IDRs are driven by potential support from the parent, China CITIC Bank. Fitch's view over Altyn Bank's support is based on CITIC’s strategic commitment to developing the subsidiary bank in Kazakhstan, potential reputational risks for CITIC in case of Altyn Bank's default and the small cost of potential support.
Fitch has assigned the bank the bb– VR since the agency believes there is now sufficient clarity on future strategy, which implies a considerable degree of operational independence from the parent bank. The bank's VR captures its good asset quality, stable profitability, reasonable capitalization and a sizeable liquidity buffer.
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