/KASE, November 15, 2016/ – Altyn Bank (subsidiary of Halyk Savings Bank
of Kazakhstan) (Almaty), whose bonds are officially listed on Kazakhstan Stock
Exchange (KASE), has informed KASE of the following:
quote
Fitch Ratings has placed Altyn Bank's (AB) 'BB' Long-Term Issuer Default
Rating (IDR) on Rating Watch Positive (RWP). The rating action follows the
announcement of AB's parent, Halyk Bank of Kazakhstan (HB; BB/Stable), that
it has signed a memorandum of understanding with China Citic Bank
(BBB/Stable) to sell a 60% stake in AB.
The RWP on AB's IDRs and Support Rating reflects Fitch's expectation that
should China Citic Bank acquire a majority stake in AB, the latter's ratings are
likely to be upgraded due to potential support from a higher-rated new majority
owner.
unquote
Full information is available on KASE website –
http://www.kase.kz/files/emitters/ATBN/atbn_reliz_111116_1.pdf
[2016-11-15]