Altyn Bank announces that Fitch Ratings affirmed issuer default ratings at 'BBB-' and upgraded viability rating to 'bb' with outlook "Stable"

/KASE, March 17, 2020/ – Altyn Bank (Subsidiary Bank of China Citic Bank Corporation Limited) (Almaty, Altyn Bank in the heading ), has provided Kazakhstan Stock Exchange (KASE) with the following press release dated March 16, 2020: quote Fitch Ratings international rating agency (hereinafter, Fitch) announced that it had upgraded foreing and local currency Long-Term Issuer Default Ratings (hereinafter, IDRs) of Altyn Bank (Subsidiary Bank of China Citic Bank Corporation Limited) at "ВBB-", raised viability rating to 'bb'. The Outlook on long-term IDRs is Stable. According to Fitch, the Bank's IDRs are based on potential support from the parent bank, China CITIC Bank Corporation Limited (hereinafter, China CITIC Bank), which owns a 51-per-cent stake. The Bank's viability rating reflects good profitability, sufficient capital reserves and stable quality of assets. It should also be noted that the NBRK's Asset Quality Review (AQR) of the banking sector did not reveal the need for making additional provisions and capital top-up of the Bank. The upgrade of the viability rating to "bb" proves competent management, high quality of assets and sufficient level of liquidity. "Altyn Bank's credit rating is one of the strongest in Kazakhstan, particularly in terms of asset quality and liquidity," Fitch said in a press release. "High rating by Fitch is the result of the effective work of the Altyn Bank team and once again confirms the Bank's strong position, which is backed by the powerful resources of shareholders - China CITIC Bank and Halyk Bank. The ratings demonstrate the success of our development strategy aimed at introducing progressive banking technologies, maintaining high quality assets, taking a balanced approach to risk assessment and improving customer service," Marat Almenov, chairman of the Management Board of Altyn Bank said. unquote [2020-03-17]