Fitch, Moody's и S&P присвоили рейтинги бондам АТФ-банка (Казахстан)

/REUTERS, Лондон, 22.10.04/ - Международные рейтинговые агентства Fitch, Moody's и Standard & Poor's присвоили рейтинги облигациям АТФ-банка, четвертого по величине в Казахстане. Standard & Poor's также присвоило рейтинги самому банку: долгосрочный "В", краткосрочный партнерский "С". Ожидаемым еврооблигациям и выпущенной ранее АТФ-банком эмиссии евробондов на $100 миллионов также присвоены рейтинги "B". Прогноз всех рейтингов - позитивный. Moody's присвоило рейтинг "Ba1" необеспеченным инвалютным нотам АТФ- банка, ожидаемым в октябре, со стабильным прогнозом. Fitch присвоило ожидаемому выпуску евробондов АТФ-банка долгосрочный рейтинг "B+". Ниже приводиться оригинальный текст сообщения Fitch на английском языке. FITCH ASSIGNS EXPECTED "B+" TO ATF BANK'S UPCOMING EUROBOND Fitch Ratings-London-October 21, 2004: Fitch Ratings, the international rating agency, has today assigned Kazakhstan-based ATF Bank's (ATF) upcoming Eurobond an expected Long-term "B+" rating. ATF is rated Long-term "B+" with a Stable Outlook, Short-term "B", Individual "D", and Support "4". The rating is contingent upon receipt of final documentation conforming materially to information already received. The notes are to rank at least pari passu with the claims of other unsecured creditors of ATF, save those preferred by relevant legislation. Covenants prevent ATF entering into transactions of US$3 million or more on other than market terms, restrict dividend payments to 50% of net income, and oblige the bank to maintain a total capital ratio of at least 10%, as calculated in accordance with the Basel recommendations. The terms and conditions of the notes also contain a cross default clause and a negative pledge clause, the latter of which allows for a degree of securitisation by ATF. Should any securitisation be undertaken, Fitch comments that the nature and extent of any overcollateralisation would be assessed by the agency for any potential impact on unsecured creditors. ATF is the fourth largest bank in Kazakhstan, with assets of KZT142 billion (US$1,038 million) as of June 30, 2004. It services the credit, foreign exchange, and settlement needs of a diverse range of domestic corporates (both SMEs and larger companies) and has also been growing its retail business. Ниже приводиться оригинальный текст сообщения Moody's на английском языке. MOODY'S ASSIGNS BA1 RATING TO ATF BANK (KAZAKHSTAN) SENIOR UNSECURED NOTE ISSUE Limassol, October 21, 2004 - Moody's Investors Service has assigned a Ba1 rating to the senior unsecured foreign currency notes expected to be issued by ATF Bank (Kazakhstan) in October 2004. The outlook is stable. The Ba1 rating incorporates potential support from the Kazakhstani authorities in the event of need, in reflection of ATF Bank's importance to the national banking system as the country's fourth-largest bank with a significant market share in terms of banking assets as of 30 June 2004, Moody's said. However, the rating agency cautioned that any outside support from the authorities in case of distress might be of a limited nature and its volume and timeliness uncertain, thus preventing Moody's from rating the senior unsecured notes at the same level as the Baa3 country ceiling. Under the terms of the bond issue, ATF Bank must comply with certain covenants, one of which requires the bank to maintain a minimum consolidated BIS Capital Adequacy Ratio of 10%. ATF Bank is headquartered in Almaty, Kazakhstan and had total IFRS-consolidated assets of KZT141.595 billion (US$1.038 billion) as of 30 June 2004. Ниже приводиться оригинальный текст сообщения S&P на английском языке. ATF BANK ASSIGNED "B/C" RATINGS; OUTLOOK POSITIVE NEW YORK (Standard & Poor's) Oct. 21, 2004 - Standard & Poor's Ratings Services said today that it had assigned its "B" long-term and "C" short-term counterparty credit ratings to Kazakhstan-based ATF Bank (ATFB). At the same time, Standard & Poor's assigned its "B" long-term senior unsecured debt rating to ATFB's existing $100 million eurobond issue. Standard & Poor's also assigned its "B" long-term senior unsecured debt rating to ATFB's proposed eurobond issue. The amount and tenor of the proposed issue are to be specified. The outlook is positive. "The ratings on ATFB reflect the continued high-risk operating environment in the Republic of Kazakhstan (BBB/Stable/A-3) and the bank's concentrations in funding and its rapid loan growth. These vulnerabilities are partially offset by ATFB's fairly good track record of strong financial performance and business growth, as well as its improving customer franchise," said Standard & Poor's credit analyst Ekaterina Trofimova. ATFB is the fourth-largest private commercial bank in Kazakhstan, with assets of Kazakhstan tenge (KZT) KZT141.9 billion ($1.1 billion) at June 30, 2004. ATFB remains largely a corporate bank that mostly relies on wholesale funding. With a market share of about 7% in the system's assets, the bank follows the big three Kazakh banks - JSC Kazkommertsbank (BB/Positive/B), Bank TuranAlem (BB/Positive/B), and Halyk Savings Bank of Kazakhstan (B+/Positive/B), which together account for about 65% of the total system assets. Standard & Poor's expects that ATFB's business position will remain resilient and that its financial profile will strengthen in parallel with that of the operating environment. The sustainability of ATFB's earnings and the bank's credit-risk- averse culture should continue to balance the continued economic and industry risks, which could put pressure on asset quality. The capital policy set by ATFB's owners will continue to be a key rating factor. "If ATFB sustains its financial performance and strategy, and if improvements are made to the bank's capital position, risk management, and diversification, the ratings could be raised," added Ms. Trofimova. [2004-10-22]