...JSC Halyk Bank of Kazakhstan's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) are driven by the 'bbb-' Viability Rating (VR), which is underpinned by the bank's dominant market shares in Kazakhstan, record of robust profitability, adequate capitalisation and solid liquidity. The Stable Outlook on the IDRs reflects Fitch Ratings' view that Halyk's credit metrics will remain strong in the medium term. The bank's 'F3' Short-Term IDRs are the only option that maps to its 'BBB-' Long-Term IDRs. High Inflation, Tightened Retail Regulations: Kazakhstan's GDP increased by a high 6.5% in 2025 (2024: 5%), and Fitch expects economic growth to remain robust in 2026 due to higher oil production and solid investment. We expect inflation to average 10% in 2026 (2025: 12.3%), with risks from tax reforms, regulated-price adjustments and fiscal stimulus. Rapid retail lending expansion since 2021 has created overheating risks, while regulatory tightening is contributing to stricter credit...
