Moody's снизило долгосрочный рейтинг АО "Ипотечная организация "Казахстанская Ипотечная Компания" до уровня "В2", прогноз "Негативный"

/Moody's Investors Service, Лондон, 29.09.11, перевод и заголовок KASE/ - Рейтинговое агентство Moody's Investors Service сегодня понизило с B1 до B2 долгосрочный рейтинг эмитента в национальной валюте Казахстанской Ипотечной Компании (КИК), эмитента, связанного с правительством. Прогноз по рейтингу эмитента B2 - негативный. Рейтинг эмитента включает слабую оценку базовой кредитоспособности (BCA), 16 (из 15), по шкале от 1 до 21, где 1 представляет наименьший кредитный риск - в соответствии с методикой GRI присвоения рейтингов Moody's. Ниже приводится оригинальный текст сообщения Moody's на английском языке. London, 29 September 2011 - Moody's Investors Service has today downgraded to B2 from B1 the long-term local currency issuer rating of Kazakhstan Mortgage Company (KMC) - a Government-Related Issuer (GRI). The outlook on the B2 issuer rating is negative. The issuer rating now incorporates a weaker Baseline Credit Assessment (BCA) of 16 (from 15) on a scale of 1 to 21, where 1 represents lowest credit risk - in accordance with Moody's GRI rating methodology. RATINGS RATIONALE The downgrade of KMC's long-term issuer rating to B2 from B1 was triggered by the deterioration of the company's credit profile, and particularly reflects: (i) ongoing recurring losses that increased in the first six months of 2011 following the deterioration of the company's net interest margin (NIM) which was negative (-0.95%) in H1 2011; (ii) further erosion of the shareholders' equity that shrunk by 5% in H1 2011; and (iii) in Moody's view, the unclear prospects of the company's business profile given the ongoing reduction of KMC's loan book for the third successive year since 2009 (in the first six months of 2011, the gross loan book declined by 4.3%, compared with a 9.9% decline in 2010 and a 3.3% decline in 2009). Moody's believes that the ongoing deterioration of KMC's financial fundamentals is eroding the company's capital, and renders the sustainability of its business potentially vulnerable in the long-term horizon. At the same time, KMC's B2 rating is supported by the (i) currently high level of capital adequacy whereby the Basel I Tier 1 capital adequacy ratio was 26% as at end-June 2011, and (ii) reasonable cushion of liquid assets (including cash, deposits with banks and securities), which accounts for 38% of the company's total assets as at end-June 2011 that - along with limited repayments of wholesale funding over the next 12 months - positively affects KMC's liquidity position in the short to medium term. The re-mapping of KMC's BCA down to 16 from 15 (in accordance with Moody's GRI methodology), along with Moody's assessment of a moderate level of government support that is incorporated into KMC's rating, corresponds to the long-term issuer rating of B2. The negative outlook on the B2 rating reflects the ongoing deterioration of the company's financial fundamentals mentioned above. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. Headquartered in Almaty, Kazakhstan, KMC reported unaudited IFRS total assets of KZT103.5 billion (US$708 million) and shareholders' equity of KZT20.4 billion (US$140 million) as of end-June 2011. The reported net loss for the first six months of 2011 amounted KZT1.2 billion (US$8 million). SOURCES (1) Source: Unaudited interim IFRS financial statements for the six-month period ended 30 June 2011 (2) Source: Audited Consolidated IFRS financial statements for the year ended 31 December 2010 (3) Source: Unaudited interim IFRS financial statements for the six-month period ended 30 June 2010 (4) Source: Audited Consolidated IFRS financial statements for the year ended 31 December 2009 REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. 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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Semyon Isakov Asst Vice President - Analyst Financial Institutions Group Moody's Investors Service Limited, Moscow Branch 7th floor, Four Winds Plaza 21 1st Tverskaya-Yamskaya St. Moscow 125047 Russia Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 Yves Lemay MD - Banking Financial Institutions Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2011-09-29]