Moody's понизило долгосрочные депозитные рейтинги АО "БТА Банк" (Казахстан) до уровня Caa2

/Moody's Investors Service, Лондон, 07.12.11, перевод и заголовок KASE/ - Рейтинговое агентство Moody's Investors Service сегодня понизило рейтинги долгосрочных депозитов БТА Банка (БТА) в местной и иностранной валюте с B3 до Caa2, долгосрочный рейтинг старшего необеспеченного долга в иностранной валюте с Caa2 до Ca и рейтинг долгосрочного субординированного долга в иностранной валюте с Caa3 до C. Понижения рейтингов были обусловлены мнением Moody's, что кредитоспособность БТА ослабла, что отражает отсутствие прежней прибыльности, дефицит капитала и вероятную реструктуризацию долга в будущем. Ниже приводится оригинальный текст сообщения Moody's на английском языке. London, 07 December 2011 - Moody's Investors Service has today downgraded BTA Bank's (BTA) long-term local and foreign-currency deposit ratings to Caa2 from B3, the long-term foreign-currency senior unsecured debt rating to Ca from Caa2 and the long-term foreign-currency subordinated debt rating to C from Caa3. The downgrades were prompted by Moody's assessment that BTA's credit profile has weakened, reflecting a lack of a return to profitability, a capital deficit and a possible further debt restructuring. Concurrently, BTA's standalone E bank financial strength rating (BFSR) has been affirmed. However, Moody's now maps the E BFSR to Ca on the long-term rating scale from Caa2 previously. The BFSR and the subordinated debt rating carry a stable outlook, whilst the outlook is developing on the senior unsecured debt and deposit ratings. RATINGS RATIONALE Moody's says that the downgrades reflect the ongoing weakening of BTA's credit profile and the increased risks that it might not be able to meet its bligations in the short-to-medium term. Despite the restructuring of BTA's market borrowings - with an approximate 70% haircut for creditors in September 2010 - BTA has been unable to return to profitability and recover its capital. According to BTA's IFRS report, the capital deficit was USD1.48 billion (12.2% of the total assets) as of end-H1 2011. Moody's estimates that only around 20%-25% of BTA's loan book currently generates cash earnings; therefore, its operating activity is persistently depleting its liquidity reserves. The only sources of replenishing liquidity are new deposits and loan repayments, which renders its liquidity position unsustainable. Moody's believes that the lack of capital and recurring income and cash flows increases the possibility that BTA may have to restructure its debt again to restore capitalisation and reduce funding costs. Under that scenario, we estimate that the possible losses for BTA's senior debt holders may range between 30%-50%. Moody's notes that BTA is currently controlled by the Kazakhstan government through the Sovereign Wealth Fund "Samruk-Kazyna", and that the Fund has supported the bank - in terms of capital and liquidity - during the global financial crisis. Therefore, Moody's assessment incorporates a moderate probability that systemic support would be extended to BTA's depositors in case of need. As a result, BTA's long-term Caa2 deposit ratings currently benefit from a two-notch uplift from the Ca standalone credit strength. However, Moody's does not include any systemic support in the bank's debt ratings, reflecting the country's lack of support to debt holders during the crisis. Consequently, BTA's senior unsecured debt rating is in line with its Ca standalone credit strength. The C debt rating assigned to BTA's subordinated debt is one notch below the Ca senior unsecured ratings assigned to its senior unsecured debt, and reflects claims subordination. The developing outlook assigned to the senior unsecured debt and deposit ratings reflects the possibility of both upwards and downwards rating movements over the next 12 to 18 months. WHAT COULD CHANGE THE RATING - UP In the medium-term, the debt ratings may be upgraded if BTA is able to improve its financial performance, or if the losses for its bondholders from a possible debt restructuring are less than what is currently anticipated. Similarly, the deposit rating may benefit from an improvement in BTA's financial performance. WHAT COULD CHANGE THE RATING - DOWN BTA's debt ratings may be downgraded if the losses for its bondholders from a possible debt restructuring exceed 50% of their investments. BTA's deposit ratings could be downgraded if it defaults on its deposits. PRINCIPAL METHODOLOGIES The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint- Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies. Headquartered in Almaty, Kazakhstan, BTA reported total assets and total equity deficit of USD12.2 billion and USD1.48 billion, respectively, at end-H1 2011, according to the bank's IFRS financial statements. BTA's net loss for H1 2011 amounted to USD701 million. 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. Information sources used to prepare the rating are the following: parties involved in the ratings, and public information. Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating. 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Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter. Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery. Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 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. Armen L. Dallakyan Asst Vice President - Analyst Financial Institutions Group 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 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 [2011-12-09]