Fitch upgraded BTA Bank’s rating to B–/B18.08.2014 17:54:39
Almaty, August 18, 2014 - Fitch Ratings international rating agency upgraded long-term and short-term issuer default ratings (hereinafter - IDR) of BTA Bank JSC (hereinafter - the Bank) in national and foreign currency. So that, long-term Bank IDRs in national and foreign currency upgraded to B- with CCC positive outlook. Whereas, short-term Bank IDRs in national and foreign currency upgraded to B from C and removed from the list of Rating Watch.
Also, Fitch agency upgraded the rating on the senior unsecured debt securities of the Bank to B-/RR4 from CCC with a positive outlook. Individual rating of the Bank affirmed at CCC with the removing from the list of Rating Watch. Support Rating affirmed at 5, placed on Rating Watch Positive. Support Rating Floor affirmed at NF and withdrawn.
The upgrade of IDRs and debt ratings follows the acquisition of a 46.5% stake of BTA Bank by Kazkommertsbank. Rating Watch Positive on Long-term IDRs reflects Fitch's view that the risks for BTA's creditors will be more closely aligned with those for KKB's creditors as integration of the two entities continues.