OREANDA-NEWS. Fitch Ratings has today affirmed Kazakhstan-based Halyk Bank's ("Halyk") ratings at foreign currency Issuer Default 'BB+', Short-term foreign currency 'B', local currency Issuer Default 'BBB-' (BBB minus), Short-term local currency 'F3', Individual 'C/D' and Support '3'.

The Outlook on the foreign currency Issuer Default rating ("IDR") remains Positive, and that on the local currency IDR Stable.

"Halyk's standalone financial strength has improved sufficiently to warrant a 'BB+' IDR without considering possible support from the Kazakhstani authorities," says Dmitri Angarov, Associate Director of Fitch's Financial Institutions Group in Moscow.

The improvement has been driven by the bank's continued strong profitability track record, reasonable asset quality and adequate capital adequacy levels despite continuous rapid asset growth, as well as increased capital flexibility following a recently completed IPO.