OREANDA-NEWS. Standard & Poor's Ratings Services said today that it raised its long-term counterparty credit rating on Kazakhstan-based BTA Ipoteka Mortgage Co. (BTAI) to 'BB-' from 'B+'. At the same time, the 'B' short-term counterparty credit rating was affirmed.

Furthermore, Standard & Poor's assigned a 'kzBBB+' Kazakhstan national scale rating to the company. The outlook is stable.

"The rating action reflects BTAI's longer track record of successful development, good business growth potential supported by the favorable economic environment, and renewed support from its strategic shareholder, Bank TuranAlem (BTA; BB/Stable/B)," said Standard & Poor's credit analyst Annette Ess.