Moody's снизило рейтинговые оценки АО "БТА Банк" и Дочерней организации Акционерного общества "БТА Банк"-АО "Темiрбанк" (Казахстан)

/REUTERS, перевод Александр Гелогаев, 27.03.09, заголовок KASE/ - Рейтинговое агентство Moody's снизило депозитный рейтинг казахского банка БТА в иностранной и местной валюте до "Caa3" с "В1", рейтинг старшего необеспеченного долга в иностранной валюте до "Ca" с "B1" и рейтинг финансовой устойчивости банка до "Е" с "Е+". В то же время агентство снизило депозитные рейтинги "дочки" БТА- банка Темирбанка в местной и иностранной валюте до "Caa3" с "B3". Рейтинг финансовой устойчивости банка - "Е". Рейтинги финансовой устойчивости банков имеют стабильный прогноз, в то время как их депозитные рейтинги и рейтинги старшего необеспеченного долга остаются в списке на пересмотр с возможным снижением. Moody's отмечает, что снижение рейтингов отражает рост вероятности дефолта и реструктуризации долгов БТА и Темирбанка в связи с продолжающимся ослаблением финансовой устойчивости этих банков и снижением вероятности государственной поддержки для выполнения их иностранных обязательств. Ниже приводится оригинальный текст сообщения Moody's на английском языке. Moody's downgrades BTA Bank and Temirbank (Kazakhstan); ratings remain on review for possible further downgrade London, 27 March 2009 - Moody's Investors Service has today downgraded BTA Bank's local and foreign currency deposit ratings to Caa3 from B1, foreign currency senior unsecured debt rating to Ca from B1 and bank financial strength rating (BFSR) to E from E+. At the same time, the rating agency downgraded BTA Bank's subsidiary Temirbank's local and foreign currency deposit ratings to Caa3 from B3 and foreign currency senior unsecured debt rating to Ca from B3. The BFSR of Temirbank is unchanged at E. The BFSRs of both banks have a stable outlook, while their deposit and senior unsecured debt ratings remain on review for possible further downgrade. See rating list below for details of the rating actions carried out. Moody's said that the rating downgrades reflect the increasing likelihood of default and debt restructuring by BTA Bank and Temirbank stemming from the ongoing deterioration of these banks' financial strengths and reduced probability of government support to honour their foreign liabilities. More detailed rational for each institution's rating action is provided below. BTA Bank The downgrade of the bank's BFSR to E (mapping to a Baseline Credit Assessment of Ca) from E+ (mapping to a Baseline Credit Assessment of B3) reflects the substantial depletion of the bank's capitalisation and liquidity. Moody's believes that a large portion of the bank's loan book is impaired. Given the lack of transparency regarding many of the bank's large loans, especially those extended to companies in Russia, it is difficult to make a precise estimate of the potential loan losses at BTA Bank. Furthermore, over the past few months BTA Bank experienced significant outflow of customer deposits. According to the Kazakh regulator's data, in January-February the bank lost 19% of its retail deposits. Despite the nationalisation of BTA Bank in early February 2009 and a USD1.7 billion capital injection the bank continued to suffer from deposits outflow. Recently BTA Bank's new shareholder, Samruk-Kazyna government fund, announced that it would not be prepared to provide support to the bank to repay its international obligations in case of accelerated repayments. Moody's understands that some of the bank's indentures have early amortisation clauses that have been triggered by BTA's nationalisation. Although systemic support can't be excluded completely, its timeliness and volume, in Moody's opinion, may not be sufficient for the bank's senior unsecured debt rating to receive a notching uplift from BTA Bank's BCA of Ca. Therefore BTA Bank's senior unsecured debt rating now match with the bank's BCA of Ca. Moody's also expects that in order to maintain stability in the country's banking system, the government may provide some support to the bank's depositors. As a result, the bank's Caa3 foreign and local currency deposit ratings factor in Moody's assessment of moderate probability of systemic support and receive one-notch uplift from its BCA of Ca. Temirbank The downgrade of Temirbank's ratings is prompted by the weakening of the bank's BFSR within its E category - now mapping to BCA of Ca from a previous Caa1 BCA, and by the downgrade of its parent, BTA Bank. Consequently, the bank's local and foreign currency deposit ratings of Caa3 factor in Moody's assessment of high probability of support from BTA Bank. However, as in the case of BTA Bank, Temirbank's senior unsecured debt ratings do not imply any probability of systemic support (through BTA Bank) and are in line with its BCA of Ca. The affected ratings are as follows. BTA Bank - BFSR: downgraded to E (mapping to a Baseline Credit Assessment of Ca) from E+ (mapping to a Baseline Credit Assessment of B3), stable outlook; - Local and foreign currency deposit ratings: downgraded to Caa3 from B1; - Foreign currency senior unsecured debt rating: downgraded to Ca from B1; - Subordinated foreign currency debt rating: downgraded to C from B2; - Junior subordinated foreign currency debt rating: downgraded to C from Caa1; - The bank's subordinated and junior subordinated foreign currency debt ratings have a stable outlook; all other deposit and debt ratings are on review for possible further downgrade. Temirbank - BFSR: unchanged at E (mapping to a Baseline Credit Assessment of Ca), stable outlook; - Local and foreign currency deposit ratings: downgraded to Caa3 from B3; - Foreign currency senior unsecured debt rating: downgraded to Ca from B3; - Subordinated foreign currency debt rating: downgraded to C from Caa1; - The bank's subordinated foreign currency debt rating has a stable outlook; all other deposit and debt ratings are on review for possible further downgrade. Moody's previous rating action on BTA Bank was on 24 February 2009 when the bank's D- BFSR was downgraded to E+, and Ba1 local and foreign currency deposit and foreign currency senior unsecured debt ratings were downgraded to B1. The bank's deposit and debt ratings were placed on review with direction uncertain. Moody's previous rating action on Temirbank was on 24 February 2009 when the bank's E BFSR was unchanged, local and foreign currency deposit and foreign currency senior unsecured debt ratings were downgraded to B3 from B2. The bank's deposit and debt ratings remained on review for possible further downgrade. The principal methodologies used in rating BTA Bank and Temirbank are "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating these entities can also be found in the Credit Policy & Methodologies directory. 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 Asst Vice President - Analyst Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2009-03-30]