Moody's присвоило рейтинг дочерней компании АО "Банк Развития Казахстана"

/REUTERS, Москва, 30.10.07, заголовок KASE/ - Международное рейтинговое агентство Moody's присвоило "дочке" государственного Банка развития Казахстана, компании ДБК-лизинг рейтинг "Bа3" со стабильным прогнозом, говорится в сообщении агентства. Рейтинг поддерживают размер капитала ДБК-лизинг, достаточный для абсорбирования кредитных рисков, значительный объем ликвидности и занимаемая ниша в лизинговых проектах, пишет Moody's. Ниже приводится оригинальный текст сообщения агентства Moody's на английском языке. MOODY'S ASSIGNS BA3/NOT-PRIME RATINGS TO DBK LEASING (KAZAKHSTAN) First-time ratings Moscow, October 30, 2007 - Moody's Investors Service has today assigned Ba3/Not-Prime long- and short-term foreign currency and local currency issuer ratings to DBK Leasing ("DBKL"). The outlooks for the ratings are stable. According to Moody's, DBKL's ratings are underpinned by the company's high capital cushion, which is sufficient to absorb credit risks (although this is likely to gradually change), strong liquidity and niche in leasing projects. On the other hand, the ratings reflect (i) the company's limited franchise, partly due to the short period of its operations and resulting low profitability; (ii) some concerns as to whether the company will be successful in significantly increasing its franchise and funding; (iii) the lack of operating history in the competitive environment; and (iv) the possibility of politically motivated decisions given its ownership structure. The Ba3 issuer rating is a two-notch uplift from the Baseline Credit Assessment (BCA) of B2, based on Moody's assessment of the very high probability of extraordinary support from the parent. This reflects DBKL's 100% ownership by the Development Bank of Kazakhstan (DBK, with a BCA of 11-13), the potential reputation damage to DBK from a default of DBKL, DBKL's small size - providing for a greater ability to provide support, as well as DBKL's good fit with DBK's strategy. Nonetheless, the fact that DBKL is a small company with no significant operations to date limits the importance of DBKL to DBK and as a result diminishes support assumptions. DBKL is closely dependant on DBK due to the fact that all funding and capital currently come from the parent. Successful development of the company's franchise with no excessive rise in the risk profile, improvement in funding diversification as well as development of risk management systems would exert upward pressure on the rating. The transfer of DBKL's stake directly to the state (there is a small possibility that in the future the stake of the company might be transferred to the state holding "Sustainable Development Fund "Kazyna") could cause a positive uplift in DBKL's issuer rating. However, this is not expected in the near term. Inability to build a sustainable franchise, assumption of excessive risks, as well as the inability to obtain affordable funding could lower DBKL's rating, as could any sovereign downgrade or signs of diminished willingness on the part of the parent to provide support. Based in Astana, Kazakhstan, DBKL is a 100% leasing subsidiary company of the Development Bank of Kazakhstan and was set up in 2005. It reported total assets of USD60 million and equity USD52 million at the end of 2006. London Reynold R. Leegerstee Managing Director Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moscow Vladlen Kuznetsov Asst Vice President - Analyst Financial Institutions Group Moody's Eastern Europe Telephone: +7 495 641-1881 Facsimile: +7 495 641-1897 [2007-10-30]