Moody's повысило рейтинговые оценки АО "БТА Банк" (Казахстан)

/Moody's Investors Service, Лондон, 04.02.14, перевод и заголовок KASE/ Moody's Investors Service сегодня повысило долгосрочные депозитные рейтинги в местной и иностранной валюте казахстанского БТА Банка до "B3" с "Caa1". Одновременно Moody's повысило базовую оценку кредитоспособности (BCA) до "сaa2" с "сaa3". Рейтинговое агентство подтвердило собственный рейтинг финансовой устойчивости банка (BFSR) на уровне "Е" и краткосрочные рейтинги Not Prime. Moody's оценивает вероятность системной поддержки банка как умеренную, в результате чего базовая оценка кредитоспособности компании повышена на два пункта до "саа2". Прогноз по долгосрочным депозитным рейтингам банка был изменен на "позитивный" с "развивающегося", в то время как прогноз по рейтингу финансовой устойчивости банка (BFSR) остался на уровне "стабильный". Ниже приводится оригинальный текст сообщения Moody's на английском языке. London, 04 February 2014 – Moody's Investors Service has today upgraded BTA Bank's long-term local- and foreign-currency deposit ratings to B3 from Caa1. Concurrently, Moody's raised the corresponding baseline credit assessment (BCA) to caa2 from caa3. The rating agency affirmed BTA Bank's standalone E bank financial strength rating (BFSR) and Not Prime short-term ratings. Moody's current assessment of a moderate probability of systemic support results in two notches uplift above the BCA of caa2. The outlook on the bank's long-term deposit ratings was revised to positive from developing, while the outlook on the BFSR remains stable. Moody's rating action on BTA Bank is driven by restored capitalisation, improved pre-provision earnings, and diminished refinancing risks following the bank's recent restructuring, and its better loss absorption cushion compared to low rated peers in its domicile (Kazakhstan). The positive outlook on the long-term deposit ratings reflects the anticipated acquisition of a controlling stake in BTA Bank by Kazkommertsbank (deposits B2 stable, BFSR E/BCA caa1 stable) and their plans for a subsequent merger – under a preliminary non-binding agreement, announced at end December 2013 – which Moody's believes will be credit positive for BTA Bank's development. RATINGS RATIONALE STANDALONE RATING BTA Bank reported restored capitalisation and pre-provision earnings following the restructuring in December 2012, which included the cancellation of existing debt, a debt-to-equity conversion as well as the issuance of longer-maturity bonds. The restructuring resulted in BTA Bank's capital being restored with a current shareholder equity-to-assets ratio of 18.2% and a Total Capital Adequacy ratio under Basel II of 24.9% as of 1 October 2013, compared to a deficit at mid- 2012. BTA Bank's pre-provision earnings also recovered as a result of improved net interest margin on the back of (1) increased interest rates on Kazakhstan's National Welfare Fund (Samruk- Kazyna) bonds held by BTA Bank to 6% from 4%; and (2) reduced liabilities following the debt restructuring. The bank reported operational breakeven in 2013, with core recurrent revenues (net interest income and commissions) covering operating expenses. However, its net interest margin – at 1.5% – is still below the Kazakh peer average because of the high volume of non-performing loans. The difference in accrued and received interest income is high at 25%, thus diminishing the quality of BTA Bank's earnings. Moody's is concerned about the ability of the bank to generate a strong and good quality loan portfolio to secure an adequate level of earnings. BTA Bank's high level of problem loans (87% of gross loans under Moody's estimate) is adequately covered by loan loss reserves (74.8% of gross loans) as of Q3 2013. The bank's loan loss reserve coverage of problem loans at 85.8% and enhanced total loss absorption cushion, including high capital, compare it favourably to peers. Moody's believes that further new loan loss provision requirements will depend on BTA Bank's ability to work out problem loans and generate a good quality loan portfolio. BTA Bank's refinancing risks have diminished following the partial write-off and extended maturity of market borrowings. Current wholesale debt securities reduced to 5.7% of liabilities as of end-Q3 2013 from 34% as of year-end 2011. SYSTEMIC SUPPORT Moody's incorporates a moderate probability of systemic support into BTA Bank's deposit ratings given the bank's significant market share in the Kazakh banking system and its government ownership. As a result of this support assessment, BTA Bank's B3 deposit ratings receive two-notches of uplift from its caa2 BCA, in accordance with Moody's joint default analysis methodology. RATING OUTLOOK Moody's believes that the preliminary agreement of Kazkommertsbank taking control over BTA Bank, and plans for the further potential merger of two banks are credit positive for BTA Bank. The rating agency expects that, as a result of the transaction, BTA Bank will benefit from cost optimisation and potential improvement in profitability aided by Kazkommertsbank's stronger market position and customer franchise, lower level of problem loans and, thus, better pre-provision income generation capacity. In addition, the potential merger will not result in any changes in Moody's systemic support considerations, given the large market share of the newly combined bank in the Kazakh banking sector. Consequently, the deposit ratings carry a positive outlook. WHAT COULD MOVE THE RATINGS UP/DOWN Upwards pressure might develop on BTA Bank's standalone and deposit ratings if the bank completes the merger with Kazkommertsbank and improves its financial fundamentals by restoring recurring operating profitability at sustainable levels. Downwards pressure might develop on BTA Bank's rating and outlook if the agreement on Kazkommertsbank acquisition of BTA Bank's stake and potential merger doesn't take place. 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. 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. [2014-02-06]