Fitch changed its outlook on JSC ATF Bank to positive and affirmed the ratings of BRC and KazAgroFinance

/IRBIS, December 23, 2010/ - Fitch Ratings has changed from "stable" to "positive" outlook on ATFBank and affirmed the ratings of the bank, announced on December 22 Fitch. At the same time the agency affirmed the ratings of two other Kazakh banks, Development Bank of Kazakhstan "(DBK) and KazAgroFinance ("KAF"). These rating actions follow the recent revision of the agency forecast on sovereign ratings of Kazakhstan from "stable" to "positive" As stated, currency Issuer Default ratings (IDRs) and Support ATF's "reflect the potential support from its parent structure, UniCredito Italiano (" UCI ", ratings of" A "/ Negative" / "F1"). Taking into account the capacity and willingness to UCI to provide support, Fitch evaluates the probability of support in case of need is high. However, the country ceiling for Kazakhstan, which reflects the transfer and convertibility risks, constrains long-term RDE bank in foreign currency, as this limits the extent to which support from foreign shareholders may be taken into account in the rankings. Long-term IDR 'ATF' in the national currency also takes into account country risks in Kazakhstan. Increasing the sovereign IDRs and as a consequence, the country ceiling may lead to an increase in IDR ATF. At the end of Q3. 2010, "ATF" was the fifth largest bank in Kazakhstan. ATF Bank provides services primarily to corporate clients, but also has a fairly well-developed branch network and deposit base of individuals. As stated, the ratings were confirmed by DBK at current levels, reflecting expectations Fitch, his ratings are likely to remain unchanged in case of increase of long-term IDR of Kazakhstan to the level of "BBB". This opinion, in turn, is caused by the applicable Agency practices, according to which ratings of state-owned banks are counted down from the corresponding sovereign rating of the issuer, particularly at higher levels of ratings. Ratings BRC continue to be supported in Fitch's view on the likelihood that the bank will receive support from the State because of its exclusive features as development organizations, is still relatively modest in size and 100% of state control over the bank through the National Welfare Fund SK. CAF's ratings due to the less important role of the Bank in policy and lesser importance to the economy in comparison with the BRC. In addition, the ratings incorporate the history of defaults of other financial institutions in Kazakhstan in 2009. At the same time, the ratings continue to reflect the CAF moderate probability of support from the state, taking into account the fact that this organization is in the public domain, its small size (and hence the price support) and financial assistance from the state, which has been provided to date. the List of provided rating actions: - Development Bank of Kazakhstan Long-term foreign currency IDR is affirmed at "BBB-", outlook Stable Short-term foreign currency IDR is affirmed at "F3" Long-term local currency IDR is affirmed at "BBB", Outlook Stable Short-term local currency IDR is affirmed at "F3" Support rating: affirmed at '2 " Support Rating Floor affirmed at "BBB-" Senior unsecured rating is affirmed at "BBB-". - KazAgroFinance Long-term foreign currency IDR is affirmed at "BB", Outlook Stable Short-term foreign currency IDR is affirmed at "B" Long-term local currency IDR is affirmed at "BB", Outlook Stable National long-term rating was affirmed at "A (kaz)" Support rating: affirmed at '3 " Support Rating Floor affirmed at "BB" Senior unsecured rating is affirmed at "BB". - ATF Long-term foreign currency IDR is affirmed at "BBB", the forecast changed from "stable" to "positive" Short-term foreign currency IDR is affirmed at "F3" Long-term local currency IDR is affirmed at "BBB", the forecast changed from "stable" to "positive" Senior unsecured rating is affirmed at "BBB" Subordinated debt rating was affirmed at "BBB-" Support rating: affirmed at '2 " Individual rating "D / E" has not been addressed in the ongoing revision of ratings National long-term rating was affirmed at "AAA (kaz)", Outlook Stable National senior unsecured rating is affirmed at "AAA (kaz)" National subordinated affirmed at "AA + (kaz)". [2010-12-23]