Fitch присвоило "вечным" евробондам Kазкоммерца ожидаемый рейтинг B+

/REUTERS, Москва, 20.10.05/ - Рейтинговое агентство Fitch Ratings присвоило запланированному выпуску "вечных" облигаций казахстанского Казкоммерцбанка рейтинг "В+", сообщило агентство в четверг. В среду источник в Лондоне сообщил Рейтер, что Казкоммерцбанк выпустит "вечные" облигаций на сумму в районе $100 миллионов. "Вечные" облигации не имеют формального срока погашения, но, по данным Fitch, могут быть погашены через 10 лет. Ставка купона по облигациям через 10 лет после выпуска вырастет и станет плавающей. Купон по облигациям может не выплачиваться, если такая выплата приведет к нарушению банком нормативов достаточности капитала. Все эти условия позволяют банку отнести привлеченные средства к капиталу первого уровня и отложить на несколько лет вопрос об увеличении уставного капитала путем размещения акций за рубежом. Роуд-шоу облигаций начнется в Нью-Йорке 20 октября и закончится в Лондоне 26 октября, вскоре после чего пройдет их размещение, сказал источник. Лид-менеджерами займа являются ING, JP Morgan и UBS. Ниже приводится оригинальный текст сообщения агентства Fitch Ratings на английском языке. FITCH ASSIGNS KAZKOMMERTSBANK'S UPCOMING TIER 1 ISSUE EXPECTED 'B+' RATING Fitch Ratings-London-20 October 2005: Fitch Ratings has today assigned Kazkommerts Finance 2 B.V.'s ('the SPV') upcoming issue of limited recourse perpetual loan participation notes an expected Long-term 'B+' rating. The notes are to be used solely for financing a subordinated loan to Kazakhstan's Kazkommertsbank ("KKB", rated Long-term 'BB'/Stable, Short-term 'B', Individual C/D', Support 3), which is intended to qualify as Tier 1 capital under Kazakhstani regulations. The SPV will only pay noteholders amounts (principal and interest), if any, received from KKB under the loan agreement. The assignment of the final rating is contingent on receipt of final documentation conforming materially to information already received. The difference between the rating of the notes and KKB's Long-term rating reflects Fitch's notching policy for senior and more junior obligations, indicating the higher expected loss for the latter. The SPV's claims under the subordinated loan agreement will rank behind the claims of senior unsecured and dated, unsecured subordinated obligations of KKB, but equally with unsecured, perpetual, non-cumulative, subordinated obligations. Interest payments under the loan agreement will cease to be payable if, in the written opinion of the Kazakh regulator, KKB is not in compliance with minimum regulatory capital or liquidity requirements, or if payment of interest would cause the bank not to be in compliance. The interest rate on the notes will be fixed for the first 10 years, after which it will become a floating rate equal to three month USD LIBOR plus a margin. The margin is expected to be equal to 150% of the margin of the initial fixed rate over three month USD LIBOR. The subordinated loan agreement gives KKB the right to repay the loan in full, which would result in a repayment of the notes, ten years after issuance and on each quarterly interest payment date thereafter. However, Kazakhstani regulations currently in force prohibit the repayment of subordinated debt qualifying as Tier 1 capital. KKB was the largest commercial bank in Kazakhstan by IFRS assets at end- H105 and has top three positions in all major market segments. One individual controls a majority stake in the bank. The European Bank for Reconstruction and Development is a minority shareholder and actively involved in board-level decision making. Also today, Fitch has assigned KKB's senior unsecured debt issuance programme expected ratings of Long-term 'BB' (for notes with maturities in excess of one year) and Short-term 'B' (for notes with maturities of less than one year), and an expected Long-term 'BB' rating to the upcoming issue under the programme (see separate announcement on www.fitchratings.com). [2005-10-20]