Fitch Ratings присвоило долгосрочный рейтинг на уровне "BB+" планируемым еврооблигациям АО "Астана-Финанс" (Казахстан)

/REUTERS, заголовок KASE, 30.10.06/ - Международное рейтинговое агентство Fitch Ratings присвоило долгосрочный рейтинг "BB+" планируемым евробондам с погашением в 2011 году казахской финансовой компании Астана-Финанс, говорится в сообщении агентства. На прошлой неделе компания сообщила, что планирует выпустить пятилетние еврооблигации на $150 миллионов. Организатором выпуска является JPMorgan. Астана-финанс разместила дебютный выпуск евробондов на $125 миллионов в феврале. Компания занимается кредитованием, лизингом и другими финансовыми операциями. Ниже приводится оригинальный текст сообщения агентства Fitch Ratings. FITCH ASSIGNS ASTANA FINANCE'S UPCOMING EUROBOND EXPECTED BB+ Fitch Ratings-London/Moscow-30 October 2006: Fitch Ratings has today assigned Astana Finance B.V.'s ("AFBV") upcoming eurobond due 2011 an expected 'BB+' Long-term rating. The bond will be guaranteed unconditionally and irrevocably by JSC Astana Finance ("AF", rated Issuer Default 'BB+') and AF's subsidiary, JSC Leasing Company Astana-Finance ("the guarantors"). The final rating of the eurobond is contingent upon receipt of final documentation conforming materially to information already received. Fitch has been informed that JSC Leasing Company Astana-Finance is to be added as a second guarantor to AFBV's outstanding USD125 million eurobond due 2009 (ISIN: XS0244275797), rated 'BB+' and guaranteed by AF. The terms and conditions of AFBV's new notes state that the guarantors' obligations under their guarantees will rank at least equally in right of payment with all their other respective present and future unsecured and unsubordinated obligations, save those preferred by relevant (bankruptcy, liquidation etc.) laws. The guarantors are required to keep a number of financial and non-financial covenants. There is a cross default clause and investors have a put option in the event that AF's Issuer Default rating ("IDR") or the rating of the notes be withdrawn or downgraded by at least two notches as a result of a merger or asset sale, or should the municipality of Astana's stake in AF fall below 25%. AF's Issuer Default rating, Short-term 'B' and Support '3' ratings reflect Fitch's opinion that there is a moderate likelihood that support would be made available to it from the municipality of Astana or potentially the Kazakhstani sovereign (rated foreign currency IDR 'BBB'), should support be required. The municipality of Astana has been supportive of AF to date in terms of equity injections, subsidised funding, first refusal on investments etc. A letter of comfort from the municipality of Astana will be included in the eurobond prospectus. However, the municipality of Astana itself has relatively limited funds specifically set aside that might be used to support AF. Consequently, sovereign support could be necessary, should more significant support be needed by AF than can be diverted at short notice from other municipal resources. Given, among other factors, the moral obligation the comfort letter creates on the country's flagship capital city to support AF, Fitch views there also to be a moderate probability that support might flow through from the Kazakhstani sovereign. Any movement in AF's IDR (and consequently the rating of the notes) would reflect a change in our opinion regarding the propensity or ability of the municipality of Astana and/or the Kazakhstani sovereign to provide timely support to AF. AF's Individual rating of 'D/E' reflects its small size, potentially volatile profitability, substantial concentrations and low capitalisation targets. Its loan book is very concentrated, both by individual name and on the agriculture and construction/real estate sectors. While asset quality has been adequate to date, the loan book has been growing fast, so impaired loans could rise as loans season. AF was created in 1997 by the municipality of Astana to facilitate development finance (loans, leasing and equity) for Astana, the rapidly growing new capital of Kazakhstan and for the surrounding Akmola region. It has since also diversified geographically and into certain aspects of investment banking. AF is 25.5%- owned by the municipality of Astana. Contact: James Longsdon, London, Tel: +44 207 417 4309; Lindsey Liddell, London, Tel: +44 207 417 3495. Media Relations: Mayra Cunningham, London, Tel: +44 20 7417 3557; Alla Izmailova, Moscow, Tel: +7 495 956 9903. [2006-10-30]