Fitch affirms AB Kazakhstan - Ziraat International Bank's rating

Kazakhstan Materials 13 February 2023 13:02 (UTC +04:00)
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, February 13. Fitch affirmed the AB Kazakhstan - Ziraat International Bank JSC's long-term foreign- and local-currency Issuer Default Ratings (IDRs) at 'B-', Trend reports, citing Fitch.
The outlook remains negative.

The Fitch rating notes a very high level of integration between Türkiye’s Ziraat Bank and its Kazakh subsidiary. Consequently, the long-term IDRs reflect Fitch's view of a limited probability of support from the bank's parent, Türkiye’s Ziraat Bank.

Additionally, the Negative Outlook on Ziraat International Bank mirrors that of the parent bank's Foreign-Currency IDR.

Fitch notes that following the clean-up of KZI's balance sheet in 2022, we expect its credit losses to be smaller in the medium term, while the bank's operating profit is likely to recover.

Fitch Ratings Inc. is an American credit rating agency and is one of the most reputable global rating agencies. The agency aims to provide business intelligence to facilitate the effectiveness of decision-making and decrease the business risks for its clients.