Moody's подтвердило рейтинговые оценки АО "Евразийский Банк" (Казахстан)

/Moody's Investors Service, Лондон, 18.02.14, перевод и заголовок KASE/ Moody's сегодня подтвердило следующие рейтинги Евразийского Банка: рейтинги долгосрочных депозитов в местной и иностранной валюте на уровне B1, рейтинг привилегированного необеспеченного долга на уровне B1, рейтинг субординированного долга на уровне B2, рейтинг финансовой устойчивости банка (BFSR) на уровне E+, соответствующую базовую оценку кредитоспособности (BCA) на уровне b1, рейтинг Not Prime краткосрочных депозитов в иностранной валюте. Прогноз по депозитным и долговым рейтингам остается негативным, в то время как прогноз по BFSR – стабильный. Оценка Moody's рейтингов Евразийского Банка преимущественно основывается на его финансовой отчетности за 2012 г., заверенной аудиторами, финансовой отчетности за 3-й кв. 2013 г. по стандартам МСФО, не подтвержденной аудиторами, а также информации, полученной от банка. Ниже приводится оригинальный текст сообщения Moody's на английском языке. Global Credit Research – 18 Feb 2014 London, 18 February 2014 – Moody's Investors Service has today affirmed Eurasian Bank's following ratings: - B1 long-term local- and foreign currency deposit ratings, - B1 senior unsecured debt rating, - B2 subordinated debt rating, - E+ standalone bank financial strength rating (BFSR), corresponding to b1 baseline credit assessment (BCA), - Not Prime short-term foreign-currency deposit ratings. The outlook on the deposit and debt ratings remains negative, whilst the outlook on BFSR is stable. Moody's assessment of Eurasian Bank's ratings is largely based on its audited financial statements for 2012, unaudited financial statements for Q3 2013, prepared under IFRS as well as information received from the bank. RATINGS RATIONALE The affirmation of Eurasian Bank's ratings with a negative outlook is driven by the bank's satisfactory capitalisation supported by good profitability, but also its weakening asset quality and thin liquidity cushion against the background of high funding concentration. Eurasian Bank's capital adequacy is satisfactory with an equity-to-assets ratio stood of 9.8% at end-Q3 2013, slightly down from 10.2% at year-end 2012. The decline in the ratio was driven by a rapid increase in the bank's retail loans (predominantly consumer loans), which rose by 46% in the first nine months of 2013 and accounted for 53.5% of the gross loans, according to Eurasian Bank's IFRS report. Eurasian Bank's capital adequacy continues to be supported by good profitability owing to high-margin consumer lending. As of end-Q3 2013 the bank reported an annualised return on average assets (RoAA) of 2.3%. The bank's sound profitability and relatively lower lending growth will likely help the bank maintain its capital adequacy at acceptable levels over the next 12 to 18 months. Eurasian Bank reported a considerable increase in the level of problem loans in its consumer loans portfolio during 2013. Consumer loans (credit card, car loans and other secured and unsecured consumer loans) overdue by over 90 days rose to 9.6% of the portfolio at year-end 2013, from 5.5% at year-end 2012. As consumer indebtedness in Kazakhstan grows and loans start to season, the level of problem loans in this segment will likely increase. In pursuit of rapid lending growth, Eurasian Bank reduced its liquidity cushion to about 18% of total assets as at Q3 2013 (year-end 2012: 20%). Given that the bank also maintained high funding concentration (the nine largest depositors accounted for 28% of total customer funds as at end-Q3 2013, though a significant portion of these funds is attracted from related entities), its liquidity profile became more vulnerable to adverse developments in the market. WHAT COULD MOVE THE RATINGS UP/DOWN Upward pressure on Eurasian Bank's ratings is limited. Positive pressure could be exerted on the ratings if the bank strengthens its capital base and liquidity, and demonstrates stabilisation in asset quality. Eurasian Bank's ratings might be downgraded as a result of any of the following: (1) growing pressure on its profitability caused, in turn, by further asset quality erosion; and (2) further deterioration in the bank's capitalisation and liquidity. PRINCIPAL METHODOLOGY 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, Eurasian Bank reported total assets of KZT558.2 billion ($3.63 billion), shareholders' equity of KZT54.5 billion ($354 million), and net income of KZT8.7 billion ($56.7 million), according to its unaudited IFRS financial statements at end-Q3 2013. 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. [2014-02-19]