(The following statement was released by the rating agency)
July 25 -
-- Kazakhstan-based JSC Delta Bank's aggressive loan growth is putting pressure on the bank's capital position.
-- This is balanced by consistently good asset quality in a domestic context, improving financial performance, and plans by shareholders to provide additional capital support.
-- We are consequently affirming our 'B' long-term and 'B' short-term counterparty credit ratings on the bank.
-- The outlook is stable, reflecting our expectation that the bank's financial profile will remain stable over the next 12 months.
On July 25, 2012, Standard & Poor's Ratings Services affirmed its 'B' long-term and 'B' short-term counterparty credit ratings on Kazakhstan-based JSC Delta Bank. The outlook is stable.
At the same time, we affirmed the 'kzBB+' Kazakhstan national scale rating.
The affirmation reflects our view that Delta Bank's financial profile remains in line with our previous expectations, despite rapid loan growth. The bank's stand-alone credit profile (SACP) remains unchanged at 'b'.