Moody's поставило на пересмотр для возможного снижения рейтинги шести казахстанских финансовых компаний

/Moody's Investors Service, Москва, 08.04.10, перевод и заголовок KASE/ - Сегодня международное рейтинговое агентство Moody's Investors Service пересмотрело для возможного снижения рейтинги шести казахстанских финансовых компаний, четыре из которых являются государственными компаниями, а именно АО "Банк Развития Казахстана", АО "Ипотечная организация "Казахстанская Ипотечная Компания", АО "КазАгроФинанс и АО "Аграрная кредитная корпорация". Двумя другими компаниями являются государственный Жилстройсбербанк Казахстана и ДБК Лизинг. Пересмотр рейтингов указанных компаний обусловлен изменением суверенного рейтинга Казахстана с "Негативного" на "Стабильный" и снижением уровня иностранных облигаций страны на одну ступень до уровня "Baa2". Ниже приводится оригинальный текст сообщения Moody's на английском языке. Moody's reviews six Kazakh financial institutions for possible downgrade The rating actions follow the earlier sovereign rating action on Kazakhstan Moscow, April 08, 2010 - Moody's Investors Service has today placed on review for possible downgrade the ratings of six Kazakh financial institutions, four of which are financial Government-Related Issuers (GRIs) - namely Development Bank of Kazakhstan, Kazakhstan Mortgage Company, and KazAgroFinance, Agrarian Credit Corporation. The two remaining institutions are House Construction Savings Bank of Kazakhstan - a fully government-owned bank, and DBK Leasing - a leasing company. The rating action follows the change in outlook on Kazakhstan's sovereign rating to stable from negative and the lowering of the country's foreign currency bond ceiling by one notch to Baa2. The review for possible downgrade was prompted by "the uncertainty about the authorities' support for banks as well as several government-related institutions", which, according to Moody's sovereign press release on 5 April 2010, "justifies a more conservative stance on support assumptions". "In the view of the government's attempts to limit large contingent sovereign liabilities, the rating agency will reassess the level of the government support incorporated into the ratings of four Kazakh GRIs and into the ratings of House Construction Savings Bank of Kazakhstan, a fully government-owned bank," says Mr. Semyon Isakov, an Assistant Vice-President and Moody's lead analyst for a number of Kazakh banks and GRIs. "The issuer ratings of DBK-leasing, a 100% subsidiary of the Development Bank of Kazakhstan, were also placed on review for possible downgrade as the ratings currently benefit from a high level of parental support," adds Mr. Isakov. As part of the review, Moody's will also consider the importance of the policy role that each of these institutions play within the country, as this factor can influence the government's willingness to provide support. The agency notes that the affected financial institutions, including financial GRIs, serve important policy roles within the Kazakh financial sphere. However, the strategic importance of these entities for the government may not be as vital as GRIs operating in the oil and gas industry, which is the main engine of economic growth for the country. The ratings of the entities affected by the review currently benefit from three-to five- notches of support from their Baseline Credit Assessments (BCAs). Moody's notes that while the review may lead to a reduction in the level of credit enhancement stemming from government support, these ratings will likely continue to benefit from significant uplift from their BCAs. The rating actions taken by Moody's in respect of these financial institutions are as follows: Development Bank of Kazakhstan: The Baa2 long-term foreign currency issuer and debt ratings were placed on review for possible downgrade; these ratings benefit from a very high probability of government support that results in a four-notch uplift from the bank's BCA of 11-13. Kazakhstan Mortgage Company: The Ba2 long-term local currency issuer rating was placed on review for possible downgrade. This rating benefits from a strong probability of government support that results in a three-notch uplift from the company's BCA of 15. KazAgroFinance: The Ba1 long-term local and foreign currency issuer ratings were placed on review for possible downgrade; these ratings benefit from a high probability of government support that results in a four-notch uplift from the company's BCA of 15. Agrarian Credit Corporation: The Ba1 long-term local and foreign currency issuer ratings were placed on review for possible downgrade; these ratings benefit from a high probability of government support that results in a four-notch uplift from the company's BCA of 15. House Construction Savings Bank of Kazakhstan: The Baa3/Prime-3 long-term and short-term local currency deposit rating were placed on review for possible downgrade; these ratings benefit from a very high probability of government support that results in a five-notch uplift from the company's BCA of B2. The bank's BFSR of E+ is unchanged with a stable outlook. DBK-Leasing: The Ba3 long-term local and foreign currency issuer ratings were placed on review for possible downgrade; these ratings benefit from a high probability of parental support that results in a three-notch uplift from the company's BCA of B3. Moody's also notes that ratings of all other Moody's-rated Kazakh financial institutions are not affected by the sovereign rating actions as these ratings either do not benefit from government support, or the level of the government support incorporated in the ratings of these financial institutions is low or moderate, and therefore the change of the outlook on the sovereign ratings has no impact on these banks' supported ratings. PREVIOUS RATING ACTION AND PRINCIPAL METHODOLOGIES Moody's previous rating action on Development Bank of Kazakhstan, Kazakhstan Mortgage Company, KazAgroFinance, Agrarian Credit Corporation and House Construction Savings Bank of Kazakhstan was on 10 July 2009, when the rating agency confirmed deposit rating of House Construction Savings Bank of Kazakhstan and issuer rating of Development Bank of Kazakhstan, and downgraded issuer ratings of Kazakhstan Mortgage Company, Agrarian Credit Corporation and KazAgroFinance. That rating action followed the review of their ratings that was initiated on 22 May 2009 following the default of Astana-Finance, another Kazakh GRI. Moody's previous rating action on DBK-leasing was on 24 Feb 2009, when the rating agency lowered BCA to 16 from 15 and affirmed Ba3 local currency issuer rating of the company. The principal methodologies used in rating of Development Bank of Kazakhstan, KazAgroFinance, Agrarian Credit Corporation and Kazakhstan Mortgage Company are "The Application of Joint-Default Analysis to Government Related Issuers", April 2005. The principal methodologies used in rating House Construction Savings Bank of Kazakhstan were "Bank Financial Strength Ratings: Global Methodology", February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", March 2007, which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory on Moody's website. The principal methodologies used in rating of DBK-Leasing are "Analyzing the Credit Risk of Finance Companies", October 2000, and "Incorporation of Joint- Default Analysis into Moody's Bank Ratings: A Refined Methodology", March 2007, which can be found at www.moodys.com in the Rating Methodologies sub- directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. Moscow Semyon Isakov Asst Vice President - Analyst Financial Institutions Group Moody's Eastern Europe LLC Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 London Yves Lemay Managing Director Financial Institutions Group Moody's Investors Service Ltd. 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