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TEXT-S&P affirms Delta Bank 'B/B' ratings; outlook stable
July 25, 2012 / 12:29 PM / in 5 years

TEXT-S&P affirms Delta Bank 'B/B' ratings; outlook stable

(The following statement was released by the rating agency)

July 25 -

Overview

-- 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.

Rating Action

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.

Rationale

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'.

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