/IRBIS, October 15, 2010/ - Fitch Ratings has left under the supervision of the list Rating Watch "Negative" Long-term Issuer Default Rating (IDR) of JSC "Leasing Company" Astana-Finance" "C ", given the high probability that debt companies will soon be the subject of forced exchange, indicated to Fitch on Oct. 14.

Long-term IDR Leasing Company Astana Finance was downgraded to a level "C" and placed in list Rating Watch "negative" May 20, 2009. Following the announcement of default of its parent company, JSC Astana Finance ("AP" rating "RD").

"As far as the Fitch based on information from the management of AF, Leasing Company Astana Finance at the present time continues to service the debt to third parties, and therefore the agency has not downgraded its rating to" RD ". Also, according to information available to Fitch data, none of the creditors of the AF did not apply to the leasing company Astana Finance with the requirements in relation to the guarantees that the leasing company has provided for borrowing firm ", - stated in the message.

At the same time, Fitch notes that since the announcement of default AF Leasing Company Astana Finance is not serviced loans received from its parent (which accounted for 71% of all funding base leasing company at the end of the 1st half of 2010), due to an agreement on suspension of payments all settlements within the group.

It is noted that the AF has addressed a proposal to restructure its international and domestic creditors in September 2010 and, according to information from the company's management, it says that the restructuring will be distributed as the obligations of the AF and the obligations of the Leasing Company Astana Finance to third parties. In the case of a forced exchange of debt, the rating of the Leasing Company Astana Finance will be downgraded to "RD".

It is noted that Fitch has not received access to the full text of the proposal on the restructuring, which the AF turned to its creditors, and it could only consider the limited publicly available information about the proposal, which is posted on its Web site.

AP - based in Kazakhstan, a non-bank financial institution headquartered in the capital, Astana. Currently, the state National Wealth Fund SK controls 39.75% in the AF. Leasing Company Astana Finance is 100 percent owned AP and was established in 2005 for the leasing business group.

A list of rating actions on the leasing company JSC Astana Finance: Long- term foreign currency IDR: "C" on the list Rating Watch "Negative", a short- term foreign currency IDR: "C" on the list Rating Watch "Negative", a long- term local currency IDR "C" on the list Rating Watch "Negative", support rating is affirmed at "5", National Long-term rating of "C (kaz)" remains on the list Rating Watch "Negative".

Ratings JSC Astana Finance: Long-term foreign currency IDR: "RD"; short- term foreign currency IDR: "RD"; long-term local currency IDR "RD";
individual rating "F"; support rating "5" Support Rating Floor ' No Floor ', National Long-term rating "RD (kaz)".

[2010-10-15]