Fitch reviews Halyk Bank, Kazkommertsbank

Fitch Ratings said it placed Halyk Bank of Kazakhstan's BB long-term issuer default ratings and bb viability rating on Rating Watch Negative.

The agency also placed the CCC long-term issuer default ratings of Kazkommertsbank on Rating Watch Evolving) and downgraded its viability rating to f from ccc.

Fitch said the actions follow recent announcements by the banks and the Kazakh authorities on Halyk Bank’s potential acquisition of a controlling stake in Kazkommertsbank.

The rating watch reflects the possible negative impact on Halyk Bank’s capitalization and asset quality as a result of the potential acquisition.

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