As economic conditions look up, Kazakh, Russian, and Ukrainian banks are slowly switching to recovery mode
01/06/2011 15:46
As economic conditions look up, Kazakh, Russian, and Ukrainian banks are slowly switching to recovery mode
01/06/2011 15:46
Tashkent, Uzbekistan (UzDaily.com) -- In a report titled “As Economic Conditions Look Up, Kazakh, Russian, And Ukrainian Banks Are Slowly Switching To Recovery Mode”, Standard & Poor's Ratings Services said that banking systems in Kazakhstan, Russia, and Ukraine (KRU) appear to be slowly but surely recovering from the worst of the financial and economic crisis of 2009-2010. "This is demonstrated by 11 upgrades and over 30 outlook changes in a positive direction we've taken on financial institutions in these three countries since April 1, 2010, compared with just two downgrades," said Standard & Poor's credit analyst Annette Ess. As macroeconomic conditions have improved and banks' operating environments stabilized, we've seen pressure on their financial and business profiles gradually abating. “We expect that this gradual improvement in credit quality will continue and translate into an increasing number of upgrades over the next 12 months. Ratings in the sector will remain low compared with the international average, reflecting the still high industry and economic risks prevalent in these regions,” the agency said. The agency anticipates that positive rating actions will continue, given our expectation of the following main industry trends:
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