S&P Global Ratings to affirm ratings and forecast of ATFBank JSC

On January 29, 2021 international rating agency S&P Global Ratings published its revised report on both long-term and short-term ratings of ATFBank.  

“We have affirmed both long-short and long-term credit ratings of Kazakhstan-based ATFBank at В-/В and national scale rating at 'kzBB'. The forecast remains “Stable” – informed the agency.  

Rating action of S&P Global Ratings regarding ATFBank followed merger of ATFBank with Jýsan group at the end of 2020. In its message the agency also notes that it sees ATFBank as an organization with “high strategic importance” for Jýsan Bank”.

“At the same time, we believe that the size and market presence of the consolidated group has improved. After acquisition of ATFBank JSC, the group's share in the banking sector of Kazakhstan will be approximately 10%, the Jýsan Bank JSC group will be one of the three top banking groups in Kazakhstan by assets. Increase in size will allow the banks to expand their potential client base and become more competitive in the most of the market segments,”- S&P Global Ratings noted.

The agency's analysts note that affirmation of ATFBank's ratings and the forecast reflects their point of view that changes in the bank's solvency are not expected over the next year. This opinion is based on improving the capitalization of ATFBank and the quality of its assets.