Moody's upgraded Kaspi Bank's ratings
The international rating agency Moody’s has raised the Kaspi Bank ratings.
The long-term rating of deposits in national and foreign currency was raised to Ba1 from Ba2. Long-term counterparty risk rating: up to Ba1 from Ba2. The outlook for long-term deposit ratings on the international scale and the general outlook for the issuer have been changed to Stable from Positive.
Moody’s analysts noted that Kaspi Bank's rating upgrade demonstrates strong financial performance and resilience to an unfavorable operating environment in 2020. In 2020 and Q1 2021, profitability remained stable, liquidity cushion strengthened, and Kaspi's asset quality improved.
Mikhail Lomtadze, head and co-founder of Kaspi.kz commented:
“The rise in ratings is recognition of the high quality of our business and the principles of work in accordance with the best world practices. We continue to create and launch innovative services for our beloved customers. For example, in June we launched the possibility of purchasing railway tickets online directly in our Kaspi.kz super application. We will continue to pleasantly surprise Kazakhstanis with new services that make life for each of us better. Thank you for being with us"!
Moody's also upgraded the Bank's long-term national scale deposit rating to Aa3.kz from A1.kz and the long-term national scale counterparty risk rating to Aa2.kz from A1.kz.
Short-term rating of deposits and short-term rating of counterparty risk at Not Prime and short-term rating of counterparty risk at Not Prime (cr) were affirmed.