Eurasian Bank Continues Cooperation Only with Moody’s Credit Rating Agency
Press Release, Almaty, 17 October 2019
The Eurasian Bank management decided to continue cooperation only with the Moody’s Investors Service credit rating agency and refused the services of another credit rating agency – Standard & Poor’s.
The decision has been dictated by the need to optimize the Bank expenses and practicality. The availability of ratings from two or more international agencies is necessary only if the Bank plans to enter the global capital market.
This year, at the initiative of the National Bank, the AQR (Asset Quality Review) project is being implemented. Within its framework, international auditors objectively assess the quality of assets and financial stability of second-tier banks. In current conditions, it is enough to have a rating from only one international credit rating agency.
Thus, at present, Moody’s is the only credit rating agency of Eurasian Bank. In September 2019, Moody’s assigned long-term local and foreign currency bank deposit ratings of B2, analogous to rating of B from S&P and Fitch.
Eurasian Bank is a socially important commercial bank of Kazakhstanwith a 25-year history of development. It is amongst top ten major banks of the country, occupies a leading position in the retail banking business, provides a wide range of services to corporate and SME customers. The Bank is actively developing auto lending, POS-lending, payment card channel, mobile banking and payroll projects.
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