S&P upgrades Bank CenterCredit to BB+, outlook positive
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S&P Global Ratings upgraded Bank CenterCredit's long-term issuer credit rating to BB+ from BB and affirmed the short-term rating at B. The agency also raised the bank's national scale rating to kzAA+ from kzAA- and its stand-alone credit profile to bb+ from bb. The outlook remains positive.
Key Facts
- S&P Global Ratings upgraded Bank CenterCredit's long-term issuer credit rating to BB+ from BB.
- The agency affirmed the short-term rating at B and raised the national scale rating to kzAA+ from kzAA-.
- S&P raised the bank's stand-alone credit profile (SACP) to bb+ from bb, citing strengthened capital buffers.
- The upgrade follows Kazakhstan's sovereign rating upgrade and an improvement in the country's banking sector risk assessment from 7 to 6.
- Bank CenterCredit President Ruslan Vladimirov said the upgrade confirms the bank's business model resilience and capital strengthening.
Rating Actions
S&P Global Ratings upgraded Bank CenterCredit's long-term issuer credit rating to BB+ from BB and affirmed the short-term rating at B. The agency also raised the bank's national scale rating to kzAA+ from kzAA- and its stand-alone credit profile to bb+ from bb. The upgrade reflects strengthened capital buffers and follows Kazakhstan's sovereign rating upgrade and an improved banking sector risk assessment from 7 to 6.
Financial Performance
S&P expects the bank's capital buffer to continue growing due to high profitability and full profit reinvestment. The agency projects credit portfolio growth in 2026 to be notably more moderate than in previous years. Net interest income and return on equity remain high, with both metrics significantly outperforming the market average in the first half of 2026.
Asset Quality and Outlook
S&P highlighted the bank's stable asset quality, with problem loans remaining at a low and stable level comparable to the sector average. Reserves cover a significant portion of potential losses, according to the agency. The positive outlook reflects S&P's expectation that slowing inflation and lower base rates amid sustainable economic growth will further reduce banking sector risks in Kazakhstan.
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