JSC Halyk Bank: Fitch Ratings has revised the Outlook on Halyk Bank to Stable from Negative, the Long-Term Issuer Default Ratings (IDRs) have been affirmed at 'BB+'

DJ JSC Halyk Bank: Fitch Ratings has revised the Outlook on Halyk Bank to Stable from Negative, the Long-Term Issuer Default Ratings (IDRs) have been affirmed at 'BB+'

JSC Halyk Bank (HSBK) 
JSC Halyk Bank: Fitch Ratings has revised the Outlook on Halyk Bank to 
Stable from Negative, the Long-Term Issuer Default Ratings (IDRs) have been 
affirmed at 'BB+' 
 
24-Nov-2020 / 10:30 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
On November 23, 2020, Fitch Ratings has revised the Outlook on Halyk Bank to 
 Stable from Negative, the Long-Term Issuer Default Ratings (IDRs) have been 
                                  affirmed at 'BB+'. 
 
The affirmation of the ratings and the revision of the Outlook on Halyk Bank 
         reflects Fitch's expectations that the Bank's strong pre-impairment 
        profitability and substantial capital buffers would be sufficient to 
       mitigate the ongoing pressure on the asset quality, stemming from the 
    economic recession, lower oil prices, and negative implications from the 
  spread of COVID-19 on the broader economy. In Fitch's view, the ratings of 
    Halyk Bank could tolerate even a more severe increase in loan impairment 
                                  charges, than Fitch currently anticipate. 
 
         Fitch believes that some aspects of Halyk Bank's credit profile are 
      consistent with a one-notch higher rating (in particular, Halyk Bank's 
        company profile and some of the financial metrics). Fitch' base-case 
 expectation is that Halyk Bank may be upgraded by one notch if the economic 
  environment stabilizes, and its asset quality, earnings and capitalisation 
            do not substantially deteriorate in a current economic downturn. 
 
        Halyk Bank's bb+ viability rating (VR) is the highest in Kazakhstan, 
      reflecting its dominant market shares, high pricing power, substantial 
  capital and liquidity buffers, and a track record of superior stability of 
  its asset quality and performance through the credit cycle compared to the 
                                  sector averages. 
 
                                  About Halyk Bank 
 
      Halyk Bank is Kazakhstan's leading financial services group, operating 
    across a variety of segments, including retail, SME & corporate banking, 
     insurance, leasing, brokerage and asset management. Halyk Bank has been 
     listed on the Kazakhstan Stock Exchange since 1998, on the London Stock 
   Exchange since 2006 and Astana International Exchange since October 2019. 
 
   With total assets of KZT 9,999.1bn as at 30 September 2020, Halyk Bank is 
     Kazakhstan's leading lender. The Bank has the largest customer base and 
 broadest branch network in Kazakhstan, with 613 branches and outlets across 
   the country. The Bank operates in Georgia, Kyrgyzstan, Russia, Tajikistan 
                                  and Uzbekistan. 
 
  For more information on Halyk Bank, please visit https://www.halykbank.com 
 
                 - ENDS- 
 
For further information, please contact: 
 
Halyk Bank 
 
Mira Kassenova      [phone] 
 
                    [e-mail] 
 
Margulan Tanirtayev [phone] 
 
                    [e-mail] 
 
Nurgul Mukhadi      [phone] 
 
                    [e-mail] 
 
ISIN:          US46627J3023 
Category Code: MSCM 
TIDM:          HSBK 
Sequence No.:  88411 
EQS News ID:   1150165 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

November 24, 2020 04:30 ET (09:30 GMT)