Moody's снизило рейтинговые оценки пяти казахстанских финансовых организаций

/Moody's Investors Service, Москва, 04.05.10, перевод и заголовок KASE/ - Сегодня международное рейтинговое агентство Moody's Investors Service закончило пересмотр рейтингов шести казахстанских финансовых организаций, понизив рейтинги пяти из них, четыре из которых эмитенты с прямым государственным участием - АО "Банк Развития Казахстана", АО "Ипотечная организация "Казахстанская Ипотечная Компания", АО "КазАгроФинанс" и АО "Аграрная кредитная корпорация". Пятая организация, попавшая под понижение, - АО "Жилищный строительный сберегательный банк Казахстана", полностью принадлежащее государству. Рейтинги шестой компании ДБК Лизинг, 100%-ной дочерней компании АО "Банк Развития Казахстана", были подтверждены. Прогноз "Негативный" по долгосрочному рейтингу эмитента для АО "Ипотечная организация "Казахстанская Ипотечная Компания" отражает продолжающееся давление на финансовую обособленность компании и, по мнению экспертов Moody's, ослабление ее политической роли. Прогноз по рейтингам эмитента и депозитным рейтингам для других, упомянутых выше, финансовых организаций - "Стабильный", как и суверенный рейтинг Казахстана. Понижения связаны со снижающимися предположениями о государственной поддержке, принимаемыми Moody's при определении рейтингов, и завершают процесс пересмотра рейтингов начатый 08 апреля 2010 года. Ниже приводится оригинальный текст сообщения Moody's на английском языке. Moody's downgrades five Kazakh financial institutions The rating actions follow the earlier sovereign rating action on Kazakhstan Moscow, May 04, 2010 - Moody's Investors Service has today concluded its review for possible downgrade of six Kazakh financial institutions with the downgrade of the ratings of five financial institutions, four of which are financial Government-Related Issuers (GRIs) - namely Development Bank of Kazakhstan, Kazakhstan Mortgage Company, KazAgroFinance and Agrarian Credit Corporation. The fifth institution affected by the downgrade is House Construction Savings Bank of Kazakhstan - a fully government-owned bank. The ratings of the sixth institution under review DBK-Leasing, a fully owned subsidiary of Development Bank of Kazakhstan, were confirmed. The outlook on Kazakhstan Mortgage Company's long-term issuer rating is negative, reflecting the ongoing pressure on the company's stand-alone financial profile and, in Moody's view, its diminishing policy role. The outlook for the issuer and deposit ratings of all other aforementioned financial institutions is stable, in line with the stable outlook on Kazakhstan's sovereign rating. The downgrades were triggered by a lowering of Moody's support assumptions incorporated in the ratings of the five Kazakh institutions affected, and conclude the review process initiated on 8 April 2010. Given the government's propensity to protect its balance sheet from large contingent liabilities, the rating agency has reassessed the level of the government support incorporated into the ratings of the five Kazakh institutions. The agency notes that although the affected institutions continue to serve important policy roles within the Kazakh financial sphere, the strategic importance of these entities for the government may not be as vital as other GRIs, particularly those operating in the oil and gas industry, which is the main engine of economic growth for the country. As a result, Moody's has lowered the level of government support reflected in the ratings of these financial institutions, causing a downward adjustment in their issuer and debt ratings. The issuer ratings of DBK-Leasing were confirmed, given that the downgrade of its parent's rating by one notch has no impact on Moody's assessment of the possible parental support to the issuer. Moody's notes that although the review led to a reduction in the level of credit enhancement stemming from government support, the ratings of the five Kazakh institutions continue to benefit from significant uplift from their stand-alone or Baseline Credit Assessments (BCAs). The new ratings still reflect between one-to four- notches of 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 long-term foreign currency issuer and debt ratings were downgraded to Baa3 from Baa2. The outlook is now stable. These ratings benefit from Moody's assessment of a high probability of government support that results in a three-notch uplift from the bank's BCA of 11-13. House Construction Savings Bank of Kazakhstan: The long-term and short-term local currency deposit ratings were downgraded to Ba1/Not Prime from Baa3/Prime-3. The outlook is now stable. These ratings benefit from Moody's assessment of a high probability of government support that results in a four- notch uplift from the bank's BCA of B2. KazAgroFinance: The long-term local and foreign currency issuer ratings were downgraded to Ba2 from Ba1. The outlook is now stable. These ratings benefit from Moody's assessment of a medium probability of government support that results in a tree-notch uplift from the company's BCA of 15. Agrarian Credit Corporation: The long-term local and foreign currency issuer ratings were downgraded to Ba2 from Ba1. The outlook is now stable. These ratings benefit from Moody's assessment of a medium probability of government support that results in a tree-notch uplift from the company's BCA of 15. Kazakhstan Mortgage Company: The long-term local currency issuer rating was downgraded to B1. The outlook is negative, reflecting the ongoing pressure on the company's stand-alone financial profile and, in Moody's view, the recently diminishing policy role that the company serves within the Kazakh financial sphere. This rating benefits from Moody's assessment of a medium probability of government support that results in a one notch uplift from the company's BCA of 15. DBK-Leasing: The Ba3 long-term local and foreign currency issuer ratings was confirmed; these ratings continue to benefit from Moody's assessment of a high probability of parental support that results in a three-notch uplift from the company's BCA of B3. PREVIOUS RATING ACTION AND PRINCIPAL METHODOLOGIES Moody's previous rating action on Development Bank of Kazakhstan, Kazakhstan Mortgage Company, KazAgroFinance, Agrarian Credit Corporation, House Construction Savings Bank of Kazakhstan and DBK-Leasing was on 8 April 2010, when the rating agency placed on review for possible downgrade the issuer and deposit ratings of the aforementioned financial institutions following the sovereign rating action. 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. 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 the aforementioned issuers 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. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2010-05-05]