Moody's присвоило АО "Жилищный строительный сберегательный банк Казахстана" рейтинги Baa2/Prime-2/E+, прогноз - "Стабильный"

/ИРБИС, 23.11.07/ - Международное рейтинговое агентство Moody's присвоило АО "Жилищный строительный сберегательный банк Казахстана" (Алматы) долгосрочный рейтинг на уровне "Baa2", краткосрочный рейтинг по депозитам в национальной валюте - "Prime-2" и рейтинг финансовой устойчивости на уровне "Е+". Прогноз - "Стабильный". Ниже приводится оригинальный текст сообщения агентства Moody's на английском языке. MOODY'S ASSIGNS BAA2/P-2/E+ TO HOUSE CONSTRUCTION SAVING BANK OF KAZAKHSTAN First-time ratings London, 22 November 2007 - Moody's Investors Service today assigned Baa2 long-term and Prime-2 short-term local currency deposit ratings and an E+ bank financial strength rating (BFSR) to House Construction Saving Bank of Kazakhstan ("HCSBK"). The outlook for all ratings is stable. According to Moody's, HCSBK's E+ BFSR, which translates into a Baseline Credit Assessment (BCA) of B2, is based on the bank's fundamental credit strength, which, in Moody's view, is underpinned by HCSBK's government ownership, its well-developed branch network and strong capital adequacy. However, HCSBK's financial strength is constrained by its small size, limited period of operation and significant market risk exposure in its securities portfolio. The bank's Baa2 local currency deposit rating factors in an extremely high probability of systemic support in the event of a stress situation given the bank's 100% ownership by the government of Kazakhstan, as well as the bank's policy mandate to implement the Kazakhstani government's programme on home ownership. As a result, this rating receives a six-notch uplift from the bank's B2 BCA. HCSBK was established at the initiative of the Kazakhstani government for the purpose of supporting home ownership in the country. The bank has a unique business model in Kazakhstan, which involves taking long-term deposits from individuals and making home loans to the same individuals after a certain period of accumulating their savings at the bank. As the bank only began its core business a few years ago, its loan book is still relatively small and accounted for only 25.5% of its total assets at H1 2007. The rest of the bank's assets are currently invested in the Kazakhstani government and corporate securities. Currently, the bank's main funding source is its equity (57.4%), while its share of retail deposits accounts for a further 38% of funding (HCSBK is not eligible to attract corporate deposits). Apart from its home city of Almaty, the bank has branches in 15 Kazakhstani regions and is actively increasing the volume of sales both at these branches and through different sales agents (individuals and companies). In Moody's view, HCSBK's ratings could be upgraded if it succeeds in materially growing its loan book while ensuring good quality, as well as maintaining reasonable capitalisation and reducing its market risk exposure. Conversely, downward rating pressure could arise from a failure to reduce market risk exposure or in the event of a material deterioration in asset quality and profitability. Based in Almaty, Kazakhstan, HCSBK reported total audited IFRS-consolidated assets and net income of US$122 million and US$0.4 million, respectively, at YE 2006 (US$61 million and US$-1.6 million, respectively, at YE 2005). London Reynold R. Leegerstee Managing Director Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 London Armen L. Dallakyan Analyst Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2007-11-23]