S&P lowers Bank CenterCredit

Standard & Poor’s said it lowered the long-term counterparty credit rating on Bank CenterCredit JSC to B from B+.

The agency also said it affirmed the B short-term counterparty credit rating on the bank and lowered its Kazakhstan national scale rating to kzBB+ from kzBBB.

The outlook is stable.

The downgrades are due to concerns about the bank’s continuously poor earnings, which are placing further pressure on its capital buffers, S&P said.

The bank’s business position has weakened to moderate from adequate, given its track record of very low profitability over the past seven years, the agency said.

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