Standard & Poor’s Ratings Services said on Wednesday it revised downward to Group 9 from Group 8 its Banking Industry Country Risk Assessment (BICRA) on the Republic of Kazakhstan (foreign currency rating BBB-/Stable/A-3, local currency rating BBB/Stable/A-3).
Economy
By Nariman Gizitdinov
BTA Bank, Kazakhstan’s largest lender, said it may take years to recover some of its assets after previous management fled.
Uncertainty around the bank’s financial situation and the lack of progress in negotiating a restructuring agreement.
Clare Nuttall in Almaty
As Kazakhstan enters its third year of crisis, the long-awaited clarity about BTA Bank and Alliance Bank's restructuring is imminent. Kazakhstan's two other "Big 4" lenders - Kazkommertsbank and Halyk Bank - appear to be stable, but for the sector as a whole the growing burden of problem loans means that things could still get worse before they get better.
Turkmenistan has signed a landmark deal granting Caspian Sea gas exploration and extraction rights to a member of the Nabucco pipeline consortium, state media reported.
By Quentin Peel, Isabel Gorst and Gillian Tett
Astana, the capital of Kazakhstan, lies thousands of miles from London’s trading rooms – let alone the political lobbyists in Washington. This summer, however, Grigori Marchenko, the Kazakh central bank governor, has reason to follow the US and UK debate about the future of credit derivatives with particular interest.
By Nariman Gizitdinov
ATF Bank, a unit of UniCredit SpA, dismissed accusations from the central bank that managers may have contributed to speculation of a devaluation in the tenge by advising clients to buy dollars.
Experts of the Committee against Torture Commend Kazakhstan for Enhanced Legislation
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Kazakh official: Not the time to resolve differences through war
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