The credit rating (BCA) upgraded to "ba1" and the adjusted basic credit rating (Adjusted BCA) to "baa3".

Moody's noted that the rating upgrade based on a high baseline assessment of the bank's creditworthiness and likely have support from China CITIC Bank Corporation Limited (Baa2, stable). Altyn Bank continues to demonstrate a high level of capital, liquidity, profitability and asset quality. The expanding economy opens up new income opportunities, which is especially important when the bank's risk level is low.

The Chairman of the Management Board of JSC Altyn Bank Marat Almenov commented: "The upgrade of Moody's ratings to investment grade confirms the prospects of Altyn Bank's work in the financial market. The quality of the bank's assets remains high, and the level of capitalization and return on assets remains stable. The Bank demonstrates constant efficiency in the use of its assets, which indicates good manageability and sustainability of the business. With the help of our own resources and the support of shareholders, we are effectively developing, introducing advanced banking technologies and improving customer service."

License of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan № 1.2.23/194/33 of February 3, 2020. 

Background information: 

JSC Altyn Bank (SB China CITIC Bank Corporation Ltd) is a universal commercial bank with a full range of products and services for corporate and retail customers. Servicing of individuals carried out in Altyn-i digital banking. It ranks 12th in terms of assets and has one of the highest ratings (Fitch – “BBB-”, Moody's – “Baa3") among Kazakhstani commercial banks. It has six branches: in Almaty, Astana, Atyrau, Shymkent, Aktau and in the AIFC.