Moody's рейтингілік агенттігі "Қазақстанның Даму Банкі" акционерлік қоғамының MYBVI1202859 (BRKZs1) сукук "аль-Мурабаха" исламдық облигацияларына "Baa3" деңгейінде рейтингін берді

/Moody's Investors Service, Лондон, 18.09.12, KASE аудармасы мен тақырыптамасы/ – Бүгін Moody's Investors рейтингілік агенттігі қазақстанның Даму Банкінің орта мерзімді Исламдық ноталарының бағдарламасына шетел валютасындағы сомасы 1,5 миллиард малайзиялық ринггит (500 миллион АҚШ долларына жуық) ұзақ мерзімді борышына алдын ала (P) Baa3 рейтингін және артықшылықты қамтамасыз етілмеген борышының, көлемі 240 миллион малайзиялық ринггит (80 миллион АҚШ долларына жуық) бірінші траншына Baa3 рейтингін берді Шетел валютасындағы қарыздың рейтингі бойынша болжамы – тұрақты. Төменде Moody's ағылшын тіліндегі хабарламасының түпнұсқалы мәтіні берілген. London, 18 September 2012 – Moody's Investors Service has today assigned provisional (P)Baa3 long-term foreign currency debt rating to the RM1.5 billion (approximately USD500 million) Islamic MTN programme of Development Bank of Kazakhstan and Baa3 senior unsecured debt rating to its RM240 million (approximately USD80 million) first drawdown under this programme. The outlook on foreign currency debt rating is stable. RATINGS RATIONALE Under this Islamic MTN programme, Development Bank of Kazakhstan will issue sukuk certificates to investors, the proceeds of which will be used to buy and then sell commodities in order to acquire receivables under Murabaha contracts. It is noted that no asset risk passed on to investors and all payment obligations will ultimately be funded directly from the Development Bank of Kazakhstan. The (P)Baa3 long-term foreign currency debt rating assigned to the RM1.5 billion Islamic MTN programme and Baa3 senior unsecured debt rating to its RM240 million first drawdown under this programme are in line with Development Bank of Kazakhstan's global foreign currency issuer rating of Baa3. Moody's notes that Development Bank of Kazakhstan's obligations to make payments under the senior unsecured sukuk issue will rank – at all times – at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, except for those claims that are preferred by any relevant law. The ratings outlook is stable, reflecting the stable rating outlook for Development Bank of Kazakhstan. While the provisional rating indicates the rating likely to be assigned to notes issued from the programme, the rating assigned to future notes could differ from the provisional program rating if the final terms of the note have other structural features that warrant a different rating or that prevent Moody's from assigning a rating to the note. The assignment of any such ratings is subject to Moody's satisfactory review of the terms and conditions set forth in the final prospectuses, supplements or offering memorandums of the notes to be issued. Under the transaction structure, Development Bank of Kazakhstan will use the proceeds from the issuance of each certificate to purchase and immediately sell qualifying commodities via Bursa Suq al-Sila (Malaysia) – a commodities trading platform with crude palm oil as its underlying asset. In exchange, Development Bank of Kazakhstan will agree to pay investors a deferred payment price payable at the dissolution date (i.e. maturity) of the notes. The deferred payment price is set equal to the initial purchase amount of the commodities, together with any fees, taxes, costs or expenses incurred by the issuer and applicable to its purchase of the commodities, and an annual profit amount as set forth in the final terms of each note. Moody's ratings do not express any opinion on the programme or sukuk structure's compliance with Shari'ah principles but notes that all transaction parties have agreed and confirmed Shari'ah compliance at issuance and have agreed not to raise any objections in future. Investors should seek guidance from their own Shari'ah advisers on this matter. The programme and all underlying legal agreements are governed by Malaysian law. We note that according to transaction counsel, decisions of Malaysian courts will not be enforceable in Kazakhstan due to absence of corresponding bilateral treaty between Kazakhstan and Malaysia on the mutual enforcement of court judgments. However, all parties upon dispute agree to submit to arbitration, with any arbitration awards issued under Malaysian law being generally recognised and enforceable in Kazakhstan. As such, according to counsel, the aforementioned lack of enforceability of judgements issued by Malaysian courts does not affect the enforceability of arbitration awards issued under Malaysian law. The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. Headquartered in Astana, Kazakhstan, Development Bank of Kazakhstan reported total assets of KZT890 billion (USD6 billion) and total equity of KZT211 billion (USD1.4 billion) under audited IFRS as at YE2011. [2012-09-19]