Bank CenterCredit says S&P Global Ratings upgraded the bank's ratings, outlook "Stable"

21.07.23 10:55
/KASE, July 21, 2023/ – Bank CenterCredit JSC (Almaty, hereinafter – the Bank), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has informed KASE about the following: quote On July 18, 2023, the international rating agency S&P Global Ratings upgraded the Bank's long-term credit rating from B+ to BB-, as well as the rating on the Kazakh national scale – from kzBBB to kzA-. The agency notes that the Bank demonstrated strong financial performance, supported by the growth of the loan portfolio, further improvement in asset quality, as well as one-time capital gains from the acquisition of Eco Center Bank, which was fully capitalized in 2022. Analysts at the agency expect the Bank to maintain a high capital buffer and maintain sustainable profitability. In addition, the agency notes that the high performance of the Bank is due not only to the active development of the business and the growth of the client base, but also to the improvement of key indicators of asset quality. ------------------------------------------------------------ Rating name Rating Date of affirmation/ revision -------------------------------- ------ -------------------- Long-term issuer credit rating BB- 18.07.2023 -------------------------------- ------ -------------------- Short-term issuer credit rating В 18.07.2023 -------------------------------- ------ -------------------- Long-term rating national scale kzA- 18.07.2023 -------------------------------- ------ -------------------- Outlook Stable 18.07.2023 ------------------------------------------------------------ unquote This information is available - [2023-07-21]