Moody's присвоило АО "Аграрная кредитная корпорация" (Казахстан) рейтинг "Ваа2"

/REUTERS, Москва, 02.11.07/ - Международное рейтинговое агентство Moody's присвоило Казахстанской аграрной кредитной корпорации долго- и краткосрочные рейтинги эмитента обязательств в иностранной и местной валюте "Ваа2"/"Prime-2", прогноз - стабильный, говорится в сообщении агентства. Ниже приводится оригинальный текст сообщения агентства Moody's на английском языке. MOODY'S ASSIGNS BAA2/P-2 RATINGS TO AGRARIAN CREDIT CORPORATION First-time ratings Moscow, November 02, 2007 - Moody's Investors Service has today assigned Baa2 long-term and Prime-2 short-term foreign currency and local currency issuer ratings to Agrarian Credit Corporation ("ACC") of Kazakhstan. The rating outlook is stable. In accordance with Moody's rating methodology for government-related issuers ('GRI'), ACC's ratings reflect the combination of the following inputs: (i) a baseline credit assessment of 15 (on a scale of 1 to 21, where 1 represents the lowest credit risk); (ii) Kazakhstan's A2 local currency deposit ceiling; (iii) a high interdependence between default by the company and by the government; and (iv) Moody's assessment that, as a fully government- owned company, it enjoys full government support. The ratings reflect the fact that operating as a development entity, it benefits from access to low-cost state funding - giving it a competitive advantage. However, the cost will rise as ACC increases its leverage via international borrowings. The ratings also benefit from (i) ACC's lending practices, which are based on a "cooperative model", where all loans made to specific borrowers of credit associations are cross-collaterised by founders of credit associations; and (ii) its wide national coverage, albeit small market share in agricultural loans of 8%. However, the ratings also take into consideration the fact that ACC's risk management tools are in the early stages of development, the high risks stemming from its concentrated exposure to the agricultural segment, corporate governance issues as the government can potentially direct lending activities, high operational risks and the potentially volatile operating environment. The company is 100% owned by the government, represented by the Ministry of Agriculture, and is effectively its financial arm in developing the agriculture sector. Headquartered in Astana, capital of Kazakhstan, Agrarian Credit Corporation reported total assets of USD145 million and total equity of USD122 million under IFRS as of 31 December 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 Roman Piven Asst Vice President - Analyst Financial Institutions Group Moody's Eastern Europe Telephone: +7 495 641-1881 Facsimile: +7 495 641-1897 [2007-11-05]