/KASE, September 16, 2024/ – Halyk Bank of Kazakhstan JSC (Almaty),
whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press release:
quote
Moody's Ratings (Moody's) has upgraded long-term deposit ratings to the
historically high level – 'Baa1' at par with sovereign. The outlook is stable.
The rating action follows the upgrade of Kazakhstan government rating to Baa1
from Baa2 and change the outlook to stable from positive on 9 September 2024,
which was driven by Moody's assessment that ongoing enhancements to the
institutional and policy framework, combined with sustained momentum in
economic diversification away from hydrocarbons have and will continue to
enhance Kazakhstan's resilience to shocks.
Moody's expects that the Bank will be able to preserve its credit metrics which
have already improved during the last two-three years, and that its growing and
maturing franchise will support profitability. Also, rating agency anticipates
that the greater economic resilience will cap cost of risk while greater
stability of monetary fundamentals will support liquidity through greater
stability of deposit base.
As a result, Moody's upgraded Halyk's long-term deposit ratings to Baa1 from
Baa2 and changed its outlook on the longterm deposit ratings to stable from
positive.
The upgrade reflects Moody's expectation that the improved operating
environment will allow the Bank to preserve its capital, liquidity and
profitability, improve asset quality and reduce their volatility.
unquote
The complete press release is available on:
-
https://kase.kz/files/emitters/HSBK/hsbk_relizs_160924_1.pdf – in Russian;
-
https://kase.kz/files/emitters/HSBK/hsbk_relizs_160924_en.pdf – in English.
[2024-09-16]