/KASE, September 5, 2017/ – Kazkommertsbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of September 5, 2017:

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Today, Kazkommertsbank ("KKB" or "Bank") has informed that Fitch Ratings upgraded the KKB's long-term issuer default ratings ("IDR") both in foreign and local currency to "BB–" from "CCC"; the Bank's short–term IDR to "B" from "C"; the financial strength rating to "b" from "f"; and the support rating to "3" from "5". The Outlooks on the Bank's both long-term and short-term IDRs – "Stable". In line with this, the Fitch has affirmed the ratings of Halyk Bank of Kazakhstan JSC (Halyk Bank), the parent bank of KKB.

According to Fitch, these rating actions follow Halyk Bank's acquisition of 96.81% of KKB's ordinary shares and the latter's recapitalisation to KZT185 bn. in July 2017.

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More details are available on KASE website – see more

[2017-09-05]