Fitch: Tenge Devaluation Would Pressure Kazakh Banks

April 8, 2015 4:00 AM

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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Devaluation Would Pressure Kazakh Banks here MOSCOW/LONDON, April 08 (Fitch) Devaluation of the Kazakhstan tenge would pressure banks' asset quality and capitalization, Fitch Ratings says.

Kazakh banks' already low rating levels (mainly in the 'B' category) and the solid sovereign credit profile mean this would not necessarily result in negative rating actions. We believe there is a possibility of a further devaluation after the upcoming presidential election. The authorities have pre...

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