Fitch Ratings Assigns Tsesnabank's USD125 million 9.875% Eurobond Final 'B-' Rating
05.02.07 11:35
/Fitch Ratings, February 02, 07/ - Fitch Ratings has today assigned Tsesna
International B.V.'s USD125 million 9.875% Eurobonds due 2010 a final
Long-term 'B-' (B minus) rating and a final Recovery Rating 'RR4'.
Kazakhstan-based JSC Tsesnabank ("TSB"), rated Issuer Default 'B-'
(B minus) with Stable Outlook, Short-term 'B', Individual 'D/E' and Support '5',
unconditionally and irrevocably guarantees the punctual payment of all
amounts due and payable in respect of the notes.
The final prospectus (as of 1 February 2007) contains an additional clause
specifying that the notes may be redeemed at the option of the noteholders
at their principal amount, together with accrued interest to the date of
redemption, following the occurrence of a relevant event. The latter is defined
as a merger event or an asset sale resulting in a rating downgrade. Further
details on the structure of the issue can be found in Fitch's announcement on
30 January 2007 (see www.fitchresearch.com).
TSB was the 14th-largest bank in Kazakhstan at end-9M06, with only a
small, but increasing, percentage of system assets. Historically, the bank's
business has been concentrated in the capital Astana, where it still has a
leading position. Around 96.5% of TSB's voting shares are held by Tsesna
Corporation, which was established in 1988 in Astana (former Tselinograd).
The group's ultimate beneficiaries are Adylbek Djaksybekov (who has a 70%
stake), who is the current chairman of the presidential administration, and his
family.
Contacts:
Dmitri Angarov, Alexei Kechko, Moscow, Tel: +7 095 956 9901
Media Relations:
Julian Dennison, London, Tel: +44 20 7862 4080
Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of conduct,
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relevant policies and procedures are also available from the 'Code of Conduct'
section of this site.
[2007-02-05]