Moody's подтвердило рейтинговые оценки АО "Нурбанк", прогноз – "Стабильный"

/Moody's Investors Service, Лондон, 19.12.13, перевод и заголовок KASE/ Международное рейтинговое агентство Moody's Investors Service сегодня подтвердило долгосрочный и краткосрочный Not Prime рейтинг депозитов в национальной и иностранных валютах на уровне B3 АО "Нурбанк", рейтинг старшего необеспеченного долгового рейтинга в национальной валюте на уровне B3, и рейтинг финансовой устойчивости (BFSR) на уровне E+, что эквивалентно базовой оценке кредитоспособности (BCA) на уровне b3. Прогноз по BFSR банка и его долгосрочным рейтингам остается стабильным. Ниже приводится оригинальный текст сообщения Moody's на английском языке. London, 19 December 2013 – Moody's Investors Service has today affirmed JSC Nurbank's B3 long-term and Not Prime short-term local- and foreign-currency deposit ratings, B3 local currency senior unsecured debt ratings and its E+ standalone bank financial strength rating (BFSR), which is equivalent to a baseline credit assessment (BCA) of b3. The outlook on the bank's BFSR and long-term ratings remains stable. RATINGS RATIONALE The rating action reflects Moody's assessment of the overall stability in Nurbank's credit profile, which incorporates the following aspects: 1) Nurbank's enhanced capital position counterbalances weak asset quality. The bank's capital adequacy improved significantly following a capital injection in late- 2010 coupled with the gain from the sale of problem loans in Q4 2012. Nurbank's equity-to-assets ratio stood at 25.9% at end-Q3 2013, according to the bank's unaudited IFRS statement. However, the bank's capitalisation will likely remain under pressure and decline to more modest levels as higher loan loss reserves are recognised on its weak loan portfolio. According to the bank's regulatory reports as of end-Q3 2013, non-performing loans (defined as 90+ days overdue) accounted for 50.9% of gross loans. The bank's loan loss reserves amounted to 26.1% of gross loans as of the same date (according to the unaudited IFRS statement), which Moody's believes is not sufficient to cover all expected credit losses. 2) Nurbank's deposits concentration is high, albeit declining, with the 10 largest depositors representing 31% of the total customer funds at year-end 2012, down from 37% at year-end 2011. The refinancing risk arising from funding concentration is partly mitigated by the liquidity cushion of 29% of total assets as at end-Q3 2013, according to the bank's unaudited IFRS statement. 3) Weak revenue generation constrains Nurbank's profitability. The sizeable non-performing loan portfolio results in low revenues and net income with a return on assets (RoA) of 0.5% for the first nine months of 2013, according to the bank's unaudited IFRS statement. Moody's understands, that a substantial portion of the bank's accrued interest income was recognised on problem loans as this income was not received in cash. Without such accruals the bank would be loss making for that period. The rating agency expects a slow work-out of the problem loans and limited credit growth, which will continue to constrain Nurbank's profitability at least in the next12-18 months. Nurbank's B3 global deposit ratings do not incorporate any probability of systemic support, given the bank's relatively small size and limited importance to Kazakhstan's banking system. Consequently, the deposit ratings are in line with the b3 BCA. WHAT COULD MOVE THE RATINGS UP/DOWN A notable improvement in Nurbank's asset quality and profitability could have positive rating implications. Negative pressure could be exerted on Nurbank's ratings as a result of a significant decline in liquidity or a substantial deterioration of the bank's asset quality. Considerably higher levels of related-party lending may also lead to a downward revision of the bank's ratings. PRINCIPAL METHODOLOGIES The principal methodology used in this rating was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. Headquartered in Almaty, Kazakhstan, Nurbank reported total assets of $1.7 billion, shareholders' equity of $476 million, and net income of $13 million at year-end 2012, according to the bank's audited IFRS statements. REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. 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. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. [2013-12-23]