S&P присвоило рейтинги "В+/В" БТА Ипотека (Казахстан)

/REUTERS, Лондон, 15.10.04/ - Международное рейтинговое агентство Standard & Poor's Ratings Services присвоило БТА Ипотека, дочерней компании казахстанского банка ТуранАлем, долго- и краткосрочные рейтинги контрагента и депозитарный рейтинг на уровне "B+/B". Прогноз рейтингов - стабильный, говорится в сообщении S&P, опубликованном в пятницу. "Рейтинги БТА Ипотека основаны на концентрации ее финансовой базы, непроверенных результатах деятельности, быстром росте и начальном периоде развития, а также общем рискованном экономическом климате Казахстана", - отмечает аналитик агентства Магар Куюмджан. Рейтинг также принимает во внимание уверенные позиции БТА Ипотека в прибыльной рыночной нише, достаточно хорошее финансовое положение компании при том, что она находится в начальном этапе развития, а также потенциальную поддержку со стороны акционера - второго по активам банка Казахстана - ТуранАлем (ВВ-/В, прогноз - положительный). Ниже приводится оригинальный текст сообщения S&P на английском языке. KAZAKH BANK BTA IPOTEKA ASSIGNED 'B+/B' RATINGS; OUTLOOK STABLE LONDON (Standard & Poor's) Oct. 15, 2004 - Standard & Poor's Ratings Services said today it assigned its 'B+/B' long- and short-term counterparty credit and certificate of deposit ratings to Kazakhstan-based BTA Ipoteka (BTAI). The outlook is stable. "The ratings on BTAI are based on its concentrated and wholesale funding, untested performance, fast growth and start-up nature, and the generally risky economic environment in Kazakhstan," said Standard & Poor's credit analyst Magar Kouyoumdjian. The ratings benefit from BTAI's strong position in a lucrative niche sector, fairly good financial position given its start-up nature, and its supportive shareholder. BTAI's strategic importance to its parent, Bank TuranAlem (BTA; BB-/Positive/B) is a key positive rating factor, as is the regulatory and business environment, which is conducive to mortgage lending. Established as the 100%-owned mortgage subsidiary of BTA in 2000, BTAI holds a strong position in the fast-growing mortgage market in Kazakhstan, with a 27% share. Although managerially independent, BTAI shares some of its IT systems with BTA and relies on the bank for funding and capital support. BTA is prepared to sell stakes to foreign specialized financial institutions or multilateral agencies, but will maintain a majority stake of at least 51% in BTAI. Loans have grown very rapidly in the past three years, owing to the start-up nature of BTAI, and account for the majority of its balance sheet. The stable outlook reflects BTAI's strong foothold in the mortgage market, which is projected to grow sixteen-fold over the next five years, presenting opportunities for all market participants, particularly BTAI. Obtaining an 'A' listing on the Kazakhstan Stock Exchange will help fund growth as well as diversify BTAI's funding away from its parent. "The future ratings on the bank will depend on the creditworthiness of BTAI's parent as well as its commitment to its subsidiary," added Mr. Kouyoumdjian. The ratings will also hinge on the maintenance of good asset quality given fast growth within an untested market, success in diversifying funding away from BTA, and generating returns to match those of BTAI's parent. [2004-10-15]