BTA Bank - Kazakhstan issued the following announcement on Nov. 10.
The International rating agency S&P Global Ratings assigned Kazakhstan-based JSC BTA Bank (hereinafter – BTA) ‘B/B’ long- and short-term foreign and local currency issuer credit ratings and ‘kzBB’ Kazakhstani national scale rating. The outlook: Stable.
According to analysts of the rating agency, BTA is characterized as a company with a significantly lower debt burden than most comparable organizations. At present, the Group has no debt at the level of the head organization and the cash flow will be sufficient to meet liquidity needs. Moreover, the rating agency notes the high qualification level of the BTA management team.
The assigned S&P rating level is the result of significant efforts and actions taken by the company in previous years to improve the quality of assets and ensure its financial stability.
“We regard the assignment of a positive credit rating as one of the important steps on the way to creating a successful and profitable company. This rating is an additional confirmation of a stable position in the market, the effectiveness of the management structure and the development strategy. We believe that this event will be positively perceived by the investment community which will make it possible in the future to take the position of one of the leading business groups in the region”, - Assel Orumbayeva, Chairman of the Management Board of JSC BTA Bank.
Original source can be found here.