Standard & Poor’s downgrades credit rating of Kazakh Nurbank
Azerbaijan, Baku, Jan. 30 / Trend E. Kosolapova/
International rating agency Standard & Poor's reported decrease of long-term counterparty credit rating of Kazakh Nurbank from 'B' to 'B-', Novosti-Kazakhstan reported on Monday referring to the agency.
Moreover, the bank's rating on a national scale was downgraded from 'kzBB +' to 'kzBB-' and the bank's short-term counterparty rating was confirmed at 'C'.
"The outlooks on the ratings are stable," the report said.
The ratings reflect the moderate business position of the bank, adequate capital and profitability ratios, the weak risk position, the average funding and adequate liquidity. The bank stand-alone credit profile is assessed as 'b-'.
Nurbank is one of the largest private banks in Kazakhstan. It provides a wide range of banking and other financial services to corporate clients, SMEs and individuals.