Fitch affirms Kaspi.kz and Kaspi Bank ratings at 'BBB-' with 'stable' outlookFitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of JSC "Kaspi.kz" and its subsidiary bank JSC "Kaspi Bank" at 'BBB-' with ‘stable outlook, the agency said in a press release.Fitch has also affirmed the two entities's Viability Ratings at 'bbb-' and the National Long-Term Rating at 'AA+(kaz)'.The agency explains that the IDRs of Kaspi.kz and Kaspi Bank are driven by the group's intrinsic strength and are based on the consolidated reporting of Kaspi.kz."Operating profitability is among the highest of Fitch-rated banking groups globally, and capital buffers are solid," the rating agency's analysts note.Fitch also highlighted Kaspi.kz's "outstanding profitability" and "sound capitalisation."The agency also noted that Kaspi.kz's purchase of the Turkish e-commerce platform Hepsiburada in Q1 2025, as well as the expected acquisition of Rabobank (Turkey) in Q2 2025, will not have an immediate impact on the Kazakh holding company's rating."Kaspi.kz's significant cash generation and the acquired companies' limited levels of debt mean these transactions will not materially affect Kaspi.kz's capitalisation. The contribution of the Turkish business to Kaspi.kz's net profit is currently insignificant," the agency explained.The Kaspi.kz holding combines online payment and P2P transfer services, personal finance management, and online shopping. The company operates on three platforms: Payments, Marketplace, and Fintech. According to data as of July 1, 2025, the company's largest shareholders are Baring Funds (23.37%), Mikhail Lomtadze (21.53%), and Vyacheslav Kim (20.39%).As of August 1, 2025, Kaspi Bank, part of the Kaspi.kz holding, ranked second among 22 banks in Kazakhstan in terms of assets.In February 2025, Kaspi Bank ceased its cooperation with the rating agency S&P, maintaining relationships with Fitch and Moody's. (ICE ALMATY)

Fonte notizia: INTERFAX