/Moody's Investors Service, Лондон, 15.05.12, аудармасы мен тақырыптамасы
KASE/ – Moody's Investors Service рейтингілік агенттігі UniCredit Bank
Slovakia a.s ұзақ мерзімді депозиттік рейтингілерін бір сатыға – Baa1-дан
Baa2-ге дейін, болжамы – тұрақты, және АТФБанктің (Қазақстан) ұзақ
мерзімді борыштық және депозиттік рейтингілерін Ba3-тен B1-ге дейін
төмендетті, болжамы – тұрақты.
Бұл рейтингілік әрекеттер, бірінші кезекте, негізгі банктік топтың (UniCredit
SpA), жуырдағы UniCredit SpA рейтингінің негативті А3 және C-/baa2-ке
дейін төмендеуі көрсеткендей, қажетті жағдайда өзінің еншілес
компанияларына капитал және қаржыландыру түрінде қолдау көрсету
қабілеттілігінің төмендеуін сипаттайды. Дәлірек мәліметтермен
2012 жылдың 14 мамырында
http://www.moodys.com/research/Moodys-downgrades-">
http://www.moodys.com/research/Moodys-downgrades-
Italian-banks-outlooks-remain-negative--PR_244732 мекен-жайы
бойынша жарияланған баспасөз-хабарламасынан танысуға болады.
Төменіректе Moody's хабарламасының ағылшын тіліндегі түпнұсқалы мәтіні
берілген.
London, 15 May 2012 – Moody's Investors Service has today downgraded by
one notch the long-term deposit ratings of UniCredit Bank Slovakia a.s. to Baa2,
with a stable outlook, from Baa1, and the long-term debt and deposit ratings of
ATF Bank (Kazakhstan) to B1, with a stable outlook, from Ba3.
These rating actions primarily reflect the reduced capacity of the parent
banking group (UniCredit SpA) to provide capital and funding support, if
needed, to its subsidiaries, as indicated by the recent one-notch downgrade on
of UniCredit SpA to A3 negative; C-/baa2 negative. For further details see
press release
http://www.moodys.com/research/Moodys-downgrades-">
http://www.moodys.com/research/Moodys-downgrades-
Italian-banks-outlooks- remain-negative–PR_244732 published on 14 May 2012.
At the same time, Moody's confirmed UniCredit's Polish subsidiary Pekao SA's
A2 deposit ratings with a negative outlook and standalone bank financial
strength rating (BFSR) of C- (mapping to baa1 on the long-term scale) with a
stable outlook.
Today's rating actions on these subsidiaries conclude the reviews initiated on
16 November 2011, when the ratings of these subsidiaries were placed on review
for downgrade, following a similar rating action on UniCredit SpA.
Full list of affected ratings is provided at the end of the press release. For
additional information on bank ratings, please refer to the webpage containing
Moody's related announcements
http://www.moodys.com/bankratings2012.
RATINGS RATIONALE FOR SLOVAK AND KAZAKH SUBSIDIARIES
The one-notch downgrades of the Slovak and Kazakh subsidiaries of UniCredit
were driven primarily by the weakening capacity and, to a lesser extent,
willingness of the parent to provide timely capital and funding support to its
subsidiaries, if needed.
– WEAKENING CAPACITY OF THE PARENT BANK TO PROVIDE SUPPORT
Moody's says that the lowering of UniCredit's standalone credit assessment to
baa2, as announced yesterday, reflects (i) weakening profitability and asset
quality; (ii) restricted access to market funding; and (iii) the increasingly
difficult operating environment that the group faces, particularly in the
Italian market, where conditions have deteriorated significantly since H1 2011.
Under Moody's Joint Default Analysis methodology, the long-term ratings of the
Slovak and Kazakh subsidiaries incorporate uplift from parental support
assumptions; the one-notch lowering of UniCredit's standalone credit strength
results in a corresponding rating downgrade for the subsidiaries.
– SHIFTING STRATEGIC PRIORITIES ALSO AFFECT WILLINGESS TO
PROVIDE SUPPORT
The rating action on the Kazakh and Slovak subsidiaries also takes into account,
albeit to a lesser extent, Moody's view that UniCredit SpA's willingness to
extend financial support to some peripheral international subsidiaries has
weakened.
Many Western European banks, including UniCredit, are facing difficult choices
regarding the allocation of their scarce capital and funding resources. This has
implications for those international subsidiaries whose medium-term
profitability potential has been impaired by the ongoing financial crisis
and/or are located in the countries that have reduced strategic significance
for UniCredit group. Accordingly, as the parent group aims to refocus on its
core operations, Moody's considers that UniCredit's willingness to provide
capital and funding resources to these subsidiaries has weakened compared to
the pre-crisis period.
ATF BANK – WHAT COULD MOVE THE RATINGS UP/DOWN
In the short-term, ATF Bank's ratings are unlikely to be upgraded as it has been
a consistently loss-making for the past few years, requiring a parental
guarantee for over 40% of its loans. In the medium-term, a sustainable
improvement in the bank's earnings and reductions in loan-loss provisions,
leading to increases in net income and capital, could exert upward pressure on
the ratings. Conversely, a further material weakening of ATF Bank's earnings
generation, further eroding its capital and franchise, could lead to a
downgrade of its ratings. In addition, further significant downward pressure on
UniCredit's ratings could impact ATF's ratings.
UNICREDIT BANK SLOVAKIA – WHAT COULD CHANGE THE RATINGS
UP/DOWN
Currently, UniCredit Bank Slovakia's ratings reflect its high borrower
concentration, including exposure to commercial real-estate and project finance,
and its weakening asset quality, counterbalanced by its solid franchise in the
Slovak market relative to its peers and its adequate capitalisation levels.
In the medium-term a sustained reduction in borrower concentration and
improvement in asset quality could exert upward pressure on the bank's ratings.
Conversely, further deterioration in the bank's financial fundamentals,
particularly related to asset quality, liquidity and capitalisation, could
exert downward pressure on the ratings. In addition, further significant
downward pressure on UniCredit's ratings could impact UniCredit Bank Slovakia's
ratings.
– CONFIRMATION OF PEKAO'S RATINGS REFLECTS STANDALONE
RESILIENCE
Pekao's ratings were originally placed on review over concerns regarding how
the challenges facing the parent group could negatively impact the subsidiary's
credit profile. The confirmation of Pekao's ratings reflects Moody's view of the
Polish subsidiary's relatively independent franchise from that of the parent, no
reliance on parental funding, strong standalone financial fundamentals, and
stringent regulatory controls on dividend distributions. These considerations
underpin Moody's view that the bank's credit-profile is partly insulated from
the pressures experienced by its parent and results in Pekao's standalone
credit strength maintained at baa1, one notch higher than the parent's
standalone strength of baa2.
The confirmation of Pekao's long-term deposit rating of A2 results from the
maintenance of a two-notch uplift from Moody's assessment of systemic support
assumptions, given Pekao's systemic importance as the second-largest franchise
in Poland.
– FACTORS THAT INSULATE PEKAO (POLAND) FROM THE PARENT'S
CREDIT RISKS
The following factors underpin Moody's view that the Polish subsidiary is
currently insulated from the credit pressures affecting its Italian parent:
(i) Although Pekao's is majority owned (59%) by UniCredit, the consistency and
transparency of Pekao's strategy is supported by active minority shareholders
and quarterly public disclosures, due to its presence on the Warsaw stock
exchange. Brand association with UniCredit is relatively low and the quality of
Pekao's customer base is not directly correlated with that of the group. This
supports Moody's view of the relative independence of Pekao's franchise from
that of the parent group.
(ii) Pekao has remained one of the stronger performing banks amongst its Polish
peer group during the crisis, with a strong capital base supporting its
franchise and growth. Moody's does not see a material risk of Pekao's capital
base being depleted by dividend transfers to the parent. Moreover, protection
of the strong capital base is supported by the guidelines set by the Polish
regulatory authority (KNF) in 2011 to limit the dividend distributions that
Polish banks, including foreign subsidiaries, can make to their shareholders.
(iii) Pekao remains a fully self-funded institution, with an independent
treasury function and limited non-material exposures to the parent group.
PEKAO – WHAT COULD MOVE THE RATINGS UP/DOWN
Given the current negative outlook on Pekao's deposit ratings, which is aligned
with the negative outlook on UniCredit, an upgrade is unlikely in the near
term.
Today's rating actions on Pekao reflect Moody's view of the independence of the
Polish subsidiary's franchise. Nevertheless, the rating agency also recognises
that further deterioration in the parent's financial fundamentals and downward
pressure on the parent ratings could lead to group-wide spill-over effects that
could ultimately weaken Pekao's franchise strength.
Therefore, notwithstanding the relative independence of the Polish subsidiary at
this stage, further significant downward pressure on UniCredit's ratings could
impact Pekao's standalone and long-term ratings.
FULL LIST OF RATING ACTIONS
The following ratings were affected today:
Issuer: ATF Bank
Long-term local- and foreign-currency deposit ratings to B1 from Ba3, with
stable outlook
Foreign currency senior unsecured debt rating to B1 from Ba3, with stable
outlook
Junior subordinate debt rating to B3(hyb) from B2(hyb), with stable outlook
ATF Capital BV senior unsecured global bonds to B1 from Ba3, with stable
outlook
Issuer: UniCredit Bank Slovakia
Long-term local– and foreign-currency deposit ratings to Baa2 from Baa1, with
stable outlook
Short-term local– and foreign-currency deposit ratings of Prime-2 confirmed
Issuer: Bank Polska Kasa Opieki S.A.
Long-term local– and foreign-currency deposit ratings of A2 confirmed, with
negative outlook
Bank financial strength rating of C– confirmed, with stable outlook (mapping to
baa1)
Short-term local- and foreign-currency deposit ratings of Prime-1 confirmed
The following ratings were unaffected:
Issuer: ATF Bank
Bank financial strength rating of E+, with stable outlook (mapping to b3)
Short-term local- and foreign-currency deposit ratings of Not Prime
Issuer: UniCredit Bank Slovakia
Bank financial strength rating of D+, with stable outlook (mapping to ba1)
The methodologies used in these ratings was Bank Financial Strength Ratings:
Global Methodology published in February 2007 and Incorporation of Joint-
Default Analysis into Moody's Bank Ratings: Global Methodology published in
March 2012. Please see the Credit Policy page on www.moodys.com for a copy
of these methodologies.
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. For provisional
ratings, this announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive rating that
may be assigned subsequent to the final issuance of the debt, in each case
where the transaction structure and terms have not changed prior to the
assignment of the definitive rating in a manner that would have affected the
rating. For further information please see the ratings tab on the issuer/entity
page for the respective issuer on www.moodys.com.
The deposit ratings of rated entity Bank Polska Kasa Opieki S.A. were initiated
by Moody's and were not requested by these rated entities.
Rated entity Bank Polska Kasa Opieki S.A. or its agent(s) participated in the
rating process. This rated entity or its agent(s) provided Moody's access to the
books, records and other relevant internal documents of the rated entity.
The ratings have been disclosed to the rated entities or their designated agents
and issued with no amendment resulting from that disclosure
Information sources used to prepare the rating(s) for ATF Bank and Bank Polska
Kasa Opieki S.A. are the following: parties involved in the ratings, and public
information.
Information sources used to prepare the rating(s) for Unicredit Bank Slovakia
and are the following : parties involved in the ratings, public information,
and confidential and proprietary Moody's Investors Service information.
Moody's adopts all necessary measures so that the information it uses in
assigning the ratings is of sufficient quality and from sources Moody's
considers to be reliable including, when appropriate, independent third-party
sources. However, Moody's is not an auditor and cannot in every instance
independently verify or validate information received in the rating process.
Moody's considers the quality of information available on the rated entities,
obligations or credits satisfactory for the purposes of issuing these ratings.
Moody's Investors Service may have provided Ancillary or Other Permissible
Service(s) to the rated entities or their related third parties within the two
years preceding the credit rating action. Please see the special report
"Ancillary or other permissible services provided to entities rated by MIS's EU
credit rating agencies" on the ratings disclosure page on our website
www.moodys.com for further information.
The below contact information is provided for information purposes only. Please
see the issuer page on www.moodys.com for Moody's regulatory disclosure of
the name of the lead analyst and the office that has issued the credit rating.
Please see the ratings disclosure page on www.moodys.com for general
disclosure on potential conflicts of interests.
Please see the ratings disclosure page on www.moodys.com for information on
(A) MCO's major shareholders (above 5%) and for (B) further information
regarding certain affiliations that may exist between directors of MCO and rated
entities as well as (C) the names of entities that hold ratings from MIS that
have also publicly reported to the SEC an ownership interest in MCO of more
than 5%. A member of the board of directors of this rated entity may also be a
member of the board of directors of a shareholder of Moody's Corporation;
however, Moody's has not independently verified this matter.
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.
Irakli Pipia
Vice President - Senior Analyst
Financial Institutions Group
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
Yves J Lemay
MD – Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
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
[2012-05-16]