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S&P downgrades Delta Bank, bonds
S&P said it lowered its long- and short-term counterparty credit ratings on Delta Bank JSC to D/D (default) from CC/C and the ratings on its senior unsecured bonds to D from CC.
At the same time, the agency downgraded its Kazakhstan national scale ratings on Delta Bank to D from kzCC.
S&P said the action follows Delta Bank's nonpayment of the full principal amount of KZT 9.8 billion on its domestic senior unsecured bond, following the end of the grace period on Feb. 14. The bank also said that it has not paid some term deposits that were at maturity.
The agency said it considers that these nonpayments are a general default.
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