Moody's присвоило предварительные рейтинговые оценки облигациям АО "Kaspi Bank" (Казахстан)

/Moody's Investors Service, Лондон, 28.06.11, перевод и заголовок KASE/ - Рейтинговое агентство Moody's Investors Service сегодня присвоило предварительный рейтинг долгосрочного привилегированного необеспеченного долга в местной валюте на уровне (P)B1 привилегированным необеспеченным облигациям Kaspi Bank, выпущенным в рамках облигационной программы объемом 100 миллиардов тенге (приблизительно 676 миллионов долларов США), рассчитанной на внутренний рынок. Любому последующему выпуску привилегированных необеспеченных облигаций Kaspi Bank будет присвоен такой же рейтинг, поскольку общий кредитный рейтинг банка не подвергался существенным изменениям. Moody's также присвоило предварительный рейтинг долгосрочного субординированного долга в местной валюте на уровне (P)B2 субординированным облигациям, выпущенным в рамках той же программы. Любому последующему выпуску субординированных облигаций Kaspi Bank будет присвоен такой же рейтинг, поскольку общий кредитный рейтинг банка не подвергался существенным изменениям. Прогноз по рейтингам долговых обязательств Kaspi Bank в местной валюте - Негативный, что соответствует негативному прогнозу по рейтингам депозитов Банка в местной валюте. Ниже приводится оригинальный текст сообщения Moody's на английском языке. London, 28 June 2011 - Moody's Investors Service has today assigned a provisional (P)B1 long-term local currency senior unsecured debt rating to the senior unsecured issuances under the KZT100 billion (approximately USD676 million) domestic bond programme of Kaspi Bank. Any subsequent senior unsecured debt issuance by Kaspi Bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating. Moody's also assigned a provisional (P)B2 long-term local currency subordinated debt rating to the subordinated debt issuances under the same programme. Any subsequent subordinated debt issuance by Kaspi Bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating. The outlook on Kaspi Bank's local currency debt ratings is negative, in line with negative outlook on the bank's local currency deposit rating. RATINGS RATIONALE The provisional senior unsecured debt rating assigned to Kaspi Bank is in line with its B1 global local currency bank deposit rating. Moody's notes that the obligations of Kaspi Bank to make payments under the senior unsecured bond issue will rank - at all times - at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, except for those claims that are preferred by any relevant law. Moody's notes that the (P)B2 subordinated debt rating, which is one notch below Kaspi Bank's deposit rating, takes into account the extent of the bonds' subordination to senior classes of debt. Nonetheless, the ratings of Kaspi Bank's domestic bond programme do not immediately apply to any individual notes issued under the programme. The assignment of any such ratings is subject to Moody's satisfactory review of the terms and conditions set forth in the final prospectuses, supplements or offering memorandums of the bonds to be issued. "The negative outlook on Kaspi Bank's debt and deposit ratings reflects continued pressure on the bank's credit profile from Kazakhstan's sustained tough credit conditions and from the bank's fundamental challenges in growing its retail lending business," explains Maxim Bogdashkin, a Moody's Assistant Vice President and lead analyst for the bank. "The bank's credit quality may face pressure from any of the following developments: (i) a failure to maintain capital ratios adequate to risks stemming from its growing retail lending business; (ii) a failure to reduce depositor concentration, which renders the bank vulnerable to its relationships with the largest customers; or (iii) a failure to reduce concentration in its loan portfolio," adds Mr. Bogdashkin. PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007, and Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt published in November 2009. Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history. Headquartered in Almaty, Kazakhstan, Kaspi Bank reported total assets of KZT362 billion (USD2.5 billion) under audited IFRS as of YE2010, up 16% compared to 2009. The bank's net profit totalled KZT2.2 billion (USD15 million) in 2010 versus a net loss of KZT6.8 billion (USD46 million) recorded a year earlier. REGULATORY DISCLOSURES Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating. The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure. Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information. Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history. The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information. Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery. Moscow Maxim Bogdashkin Asst Vice President - Analyst Financial Institutions Group Moody's Investors Service Limited, Russian Branch Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 London Yves Lemay MD - Banking Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moody's Investors Service Ltd. One Canada Square Canary Whar London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2011-06-29]