RA S&P: Kazakhstan-Based Temirbank And ABC Bank Affirmed At 'B/B' And 'kzBB'; Ratings Withdrawn At Banks' Request
April 14, 2015
Standard & Poor's Ratings Services said today that it has affirmed its 'B/B' long- and short-term counterparty credit ratings and 'kzBB' national scale rating on Kazakhstan-based Temirbank and ABC Bank JSC. We subsequently withdrew the ratings on the banks at the banks' request. At the time of the withdrawal, the outlook on each bank was stable.
The affirmations reflect our opinion that Temirbank's and ABC Bank's business and financial positions remain consistent with the rating level.
In December 2014, Temirbank and ABC Bank (formerly ForteBank) merged with Alliance Bank. The combined bank group was rebranded ForteBank in February 2015.
We consider Temirbank and ABC Bank as core subsidiaries of ForteBank. According to our group rating methodology, we rate core subsidiaries at the group level. We expect that Temirbank and ABC Bank will cease to exist as legal entities in 2015. The three banks are currently being integrated with the aim of creating a common IT platform, risk management systems, and policies.
At the time of the withdrawal, the outlooks on Temirbank and ABC Bank were stable, reflecting our view that, following the restructuring and merger, ForteBank will maintain a stable competitive position in the Kazakhstan banking sector, supported by its restored capitalization and profitability.
Senior unsecured and subordinated bonds issued by Temirbank have been transferred to ForteBank. The terms of the bonds were not changed.
Company — Temirbank
Full nameOpen Joint Stock Company "Temirbank"