Moody's "Аграрлық несие корпорациясы" АҚ (Қазақстан) рейтингілік бағалауларын растады, болжам "Тұрақты"

/Moody's Investors Service, Лондон, 22.12.11, KASE аудармасы мен тақырыпшасы/ – Moody's Investors Service рейтингілік агенттігі бүгін Аграрлық несие корпорациясының (Қазақстан) келесі рейтингілерін растады: эмитенттің ұлттық және шетелдік валютадағы ұзақмерзімді рейтингі Ва2 деңгейінде және эмитенттің қысқа мерзімді рейтингі ұлттық және шетелдік валютада Not-Prime деңгейінде. Moody's агенттігінің Аграрлық несие корпорациясы рейтингілерін растауы компанияның ҚЕХС стандарттарына сәйкес дайындалған 2010 ж. аудиттелген қаржылық есептілігіне және оның бухгалтерлік есептің жалпыға бірдей стандарттарының ұлттық нұсқасына сәйкес дайындалған 2011 ж. үшінші тоқсанына аудиттелмеген есептеріне негізделеді. Төменде Moody's хабарламасының ағылшын тіліндегі мәтінінің түпнұсқасы берілген. London, 22 December 2011 – Moody's Investors Service has today affirmed the following ratings of Agrarian Credit Corporation (Kazakhstan): the Ba2 long-term and Not-Prime short-term local and foreign currency issuer ratings. Moody's affirmation of Agrarian Credit Corporation's ratings is based on the company's audited financial statements for 2010 prepared under IFRS, and its unaudited reports under local GAAP as at Q3 2011. RATINGS RATIONALE "Moody's affirmation of Agrarian Credit Corporation's ratings, with a stable outlook, reflects the company's solid capital buffer and the rating agency's assessment of strong probability of government support in the event of need," says Maxim Bogdashkin, a Moody's Assistant Vice-President and lead analyst for the company. Despite the growing level of problem loans (90+ days overdue loans accounted for 15.7% of total loans as at Q3 2011), Agrarian Credit Corporation's capital cushion remains strong, with the ratio of shareholder's equity to total assets exceeding 50%. The company's loan loss reserves of almost 10% of total loans also provide additional protection against potential losses from its non-performing loans. At the same time, Moody's notes that due to its specific single-industry mandate Agrarian Credit Corporation's ratings remain constrained by concentration of its loan portfolio on the agriculture sector, which is perceived risky by Moody's. Given that Agrarian Credit Corporation's mandate targets social and developmental rather than business goals, the company's longer-term credit quality also significantly depends on government support in the form of continuous funding and equity injections. Moody's continues to incorporate strong probability of government support into Agrarian Credit Corporation's ratings because of its 100% government ownership and existing track record of capital and funding support over the past several years. PRINCIPAL METHODOLOGIES The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies. Headquartered in Astana, Kazakhstan, Agrarian Credit Corporation reported total assets of KZT100.8 billion (US$682 million) under unaudited local GAAP as of Q3 2011. The company recorded a net profit of KZT915 million (US$6.2 million) in the first three quarters of 2011. REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. 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However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery. Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information. Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Maxim Bogdashkin Asst Vice President – Analyst Financial Institutions Group Moody's Interfax Rating Agency 7th floor, Four Winds Plaza 21 1st Tverskaya-Yamskaya St. Moscow 125047 Russia Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 Yaroslav Sovgyra Associate Managing Director Financial Institutions Group Releasing Office: Moody's Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454