The international rating agency S&P Global Ratings has raised the outlook for Nurbank JSC's ratings to 'Stable'.
Simultaneously, the agency has affirmed Nurbank JSC's long-term and short-term credit ratings on the international scale at 'B-/B' and the long-term national scale rating at 'kzBB-'.
The opinion of S&P Global Ratings experts is based on a thorough analysis of the results obtained from the asset quality review (AQR) conducted by the National Bank of Kazakhstan with the involvement of international consultants for Nurbank and several other banks in the country.
It should be noted that as a result of the AQR, Nurbank became a participant in the Program for Improving Financial Stability of the Banking Sector of the Republic of Kazakhstan. According to the Program's conditions, the Bank will issue subordinated bonds for a term of 15 years in the amount of 48.6 billion tenge, and the Bank is provided with a 5-year guarantee from the Problem Loan Fund (amounting to 20.9 billion tenge) to support the bank's capitalization. Additionally, a capital injection of 20.9 billion tenge from a major shareholder of Nurbank JSC is planned.
"The outlook upgrade alongside the affirmation of the rating by an international rating agency is a significant event for us. It is further proof of the correctness of our chosen development path. Participation in the Program alongside shareholder support will enable us to actively lend, thereby contributing to the development of the real sector of the economy and participating in state programs to support large, small, and medium-sized businesses, which is always a priority for us," said Eldar Sarsenov, Chairman of the Management Board of Nurbank JSC.
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