BTA Bank's long-term and short-term issuer default ratings (IDR) in national and foreign currency were recently upgraded by international rating agency Fitch Ratings.
The Kazakh bank's long-term IDRs for national and foreign currency were upgraded to "B-" with a "CCC" positive outlook, while short-term IDRs in national and foreign currency were upgraded from "C" to "B" and removed from the "Rating Watch" list.
Additionally, Fitch upgraded the rating on BTA Bank's senior unsecured debt securities to "B-/RR4" from "CCC" with a positive outlook.
Fitch affirmed the bank's "CCC" individual rating as a result of the removal from the Rating Watch list, while its support rating was affirmed at "5," placing the bank on "Rating Watch Positive." The bank's support rating floor was affirmed at "NF" and withdrawn.
The upgrade to the bank's IDRs and debt ratings comes after the acquisition of a 46.5 percent state of BTA Bank by Kazkommertsbank.
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