Fitch присвоило рейтинг "ВВ" евробондам Казкоммерцбанка, S&P - "ВВ-"

/REUTERS, Лондон, 13.10.04/ - Международное рейтинговое агентство Fitch Ratings присвоило рейтинг "ВВ" намеченному на октябрь 2004 года выпуску еврооблигаций крупнейшего в Казахстане Казкоммерцбанка. Одновременно другое агентство - Standard & Poor's - присвоило этим бумагам рейтинг "ВВ-". Банк начнет роуд-шоу пятилетних еврооблигаций на сумму $300 миллионов в Гонконге 14 октября, завершится оно 21 октября в Лондоне. Лид-менеджерами выпуска выступают банки ING и UBS. Ниже приводится оригинальный текст сообщения Fitch на английском языке. FITCH ASSIGNS KAZKOMMERTSBANK'S EUROBOND EXPECTED "BB"; AFFIRMS BANK'S RATINGS Fitch Ratings, the international rating agency, has today assigned Kazkommerts International B.V.'s upcoming issue of senior notes an expected Long-term "BB" rating. The notes are to be guaranteed by Kazakhstan-based Kazkommertsbank ("KKB"). At the same time, Fitch has affirmed KKB's ratings at Long-term "BB", Short-term "B", Individual "C/D" and Support "3". The Outlook on the Long-term rating is Stable. The rating on the notes is in line with KKB's Long-term 'BB' rating. The noteholder's claims will rank at least pari passu with the claims of all other unsecured and unsubordinated creditors of KKB, except as otherwise provided for by law. In addition there is a cross default clause and a negative pledge clause, although securitisation of loans up to a total of 15% of KKB's gross loans is permitted. Were such a deal to be undertaken, Fitch comments that the nature and the extent of any over-collateralisation would be assessed by the agency for any potential impact on unsecured creditors. Fitch notes that KKB's ratings reflect its track record of good profitability and risk management, and strong franchise in Kazakhstan. However, they also take into account the difficult, albeit improving, operating environment, the potential credit risk associated with rapid loan growth, and the relatively high level of concentration in customer lending and funding. KKB's profitability is solid. Although lending margins have fallen due to competition, particularly in the large corporate market, they have been helped by increased lending to SMEs and individuals. In addition, although fee and commission income grew, performance for most of 2003 was negatively affected by a greater percentage of lower-earning, liquid assets on the balance sheet following the large eurobond issued in H103, and a higher tax charge. The cost/income ratio remained satisfactory. Margins are likely to remain under pressure from competition, and as a greater proportion of funding is obtained from relatively more expensive retail deposits. In addition, future tax charges are more likely to be at the higher levels seen in 2003 than in previous years. Rapid loan growth in 2003 and H104 came from existing large corporate clients and new SME and individual clients. The maturity of the loan portfolio is relatively long-term, but concentration by customer, while considerable by international standards, is not particularly high for a CIS bank. KKB's loan loss reserves (LLR)/gross loans ratio is not strong, in view of its rapid loan growth, focus on SMEs and the difficult operating environment. Customer funding remains short-term, but the issue of the eurobond extended the maturity profile of its funding book. Liquidity is reasonable. Capitalisation has traditionally been adequate at KKB, helped by good internal capital generation. However, rapid balance sheet growth, coupled with an increased reliance on retained earnings to grow capital, may see capital ratios falling in 2004 and 2005. KKB is the largest Kazakhstani commercial bank by assets and equity. It has historically focused on large corporates, but SME and retail banking now accounts for a significant part of its balance sheet. The principal shareholders of KKB together hold a 52% stake. Some of these shareholders also have substantial industrial interests. The European Bank for Reconstruction and Development acquired a 15% stake in KKB through a share issue in H103. Ниже приводится оригинальный текст сообщения S&P на английском языке. KAZKOMMERTS INTERNATIONAL B.V.'S PROPOSED DOLLAR DENOMINATED EUROBOND RATED "BB-" Standard & Poor's Ratings Services said today it assigned its "BB-" debt rating to a U.S. dollar-denominated fixed-rate bond to be issued in October 2004 by Kazkommerts International B.V., a Netherlands-based special purpose vehicle. The amount of the issue will be about $300 million. The bond issue is guaranteed by Kazakhstan-based Kazkommertsbank (JSC) (KKB; BB-/Positive/B). The ratings on KKB reflect the improving Kazakh economic environment, the bank's strong domestic franchise, more diversified funding profile, and rapid loan growth. KKB has been using Kazakhstan's improved economic prospects to its advantage, attracting primary funds as well as longer-term international debt and growing its profitable lending business. The decision of the European Bank for Reconstruction and Development (AAA/Stable/A-1+) to invest into the equity of KKB has improved KKB's credit profile. Although the Kazakh economy has been showing positive trends since 2000, the bank retains significant, but decreasing concentrations in loans and funding in a high-risk economic and banking environment. Its prudent practice of taking significant loan-loss provisions and collateral for potential problems stemming from the high loan growth mitigates against these risks. [2004-10-13]