MOODY'S ASSIGNS BA1 RATING TO CENTERCREDIT INTERNATIONAL B.V. (NETHERLANDS) SENIOR UNSECURED NOTE ISSUE GUARANTEED BY CENTERCREDIT BANK (KAZAKHSTAN); POSITIVE OUTLOOK
13.01.06 17:06
/REUTERS, January 12, 06/ - Moody's Investors Service has assigned a Ba1
long-term rating to the senior unsecured foreign currency notes expected to
be issued by CenterCredit International B.V. (Netherlands), a wholly-owned
subsidiary of Kazakhstan's CenterCredit Bank (BCC, rated Ba1/NP/D- with a
positive outlook). The issue is planned to be unconditionally and irrevocably
guaranteed by BCC. The outlook is positive. The rating is subject to reviewing
the final documentation on the transaction.
The Ba1 rating incorporates potential support from the Kazakhstani
authorities in the event of need, in reflection of CenterCredit Bank's
importance to the national banking system as the country's fifth-largest bank
in terms of both total assets and customer deposits as of end-3Q 2005.
However, Moody's cautions that any outside support from the authorities in
case of distress might be of a limited nature and its volume and timeliness
uncertain.
Under the terms of the bond issue, CenterCredit Bank must comply with
certain covenants, such as negative pledge, limitation on payment of
dividends and maintenance of a minimum consolidated BIS Capital Adequacy
Ratio of 10%.
CenterCredit Bank is headquartered in Almaty, Kazakhstan and reported
(unaudited) total IFRS-consolidated assets of KZT258 billion (US$1.9 million)
as of 30 September 2005, representing a rapid 83% year-on-year growth.
[2006-01-13]