Fitch присвоило рейтинг "В+" евробондам Альянс-банка (Казахстан)

/REUTERS, Москва, 26.10.05/ - Международное рейтинговое агентство Fitch Ratings присвоило запланированному выпуску евробондов казахстанского Альянс-банка ожидаемый долгосрочный рейтинг "В+". Бонды будут выпущены SPV-компанией ALB Finance B.V. в виде нот участия в кредите Альянс-банку, собственный долгосрочный рейтинг которого также находится на уровне "В+" со стабильным прогнозом. Ниже приводится оригинальный текст сообщения агентства Fitch Ratings на английском языке. FITCH ASSIGNS ALLIANCE BANK'S UPCOMING EUROBOND EXPECTED 'B+' RATING Fitch Ratings-London/Moscow-26 October 2005: Fitch Ratings has today assigned ALB Finance B.V.'s upcoming issue of notes an expected Long-term B+' rating. The notes are to be used solely for financing a deposit with Kazakhstan's Alliance Bank ("Alliance"), which is rated Long-term 'B+', Short-term 'B', Individual 'D', and Support '4'. The Outlook on the Long-term rating is Stable. ALB Finance B.V., a Netherlands-domiciled special purpose vehicle (SPV), will only pay noteholders principal and interest received from Alliance. In addition, Alliance unconditionally and irrevocably guarantees the timely and full repayment of the notes in the trust deed between the bank and the trustee, J.P. Morgan Corporate Trustee Services Limited. The final rating is contingent upon receipt of final documentation conforming materially to information already received. The terms and conditions of the notes specify that they will rank at least pari passu with the claims of other unsecured creditors of the issuer and that the obligations of Alliance under the guarantee will rank at least pari passu with claims of other unsecured creditors of Alliance, save those preferred by relevant (bankruptcy, liquidation etc.) laws. Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H105, retail deposits accounted for around 16% of Alliance's total liabilities, according to the bank's unaudited Local Accounting Standards (similar to IFRS) accounts. Covenants limit Alliance's dividend payments to 50% of net income in any particular year and also specify that the terms of all transactions of more than USD2 million must be concluded on a market basis. Alliance also commits to maintaining a total BIS capital adequacy ratio of 10%, and a cross default clause becomes applicable in case of overdue debt in excess of USD10m. The terms and conditions of the notes contain a negative pledge clause, which allows for a degree of securitisation by Alliance. In the event of such a securitisation, Fitch notes that the nature and extent of any over-collateralisation would be assessed by the agency for any potential impact on unsecured creditors. Noteholders will benefit from a put option should one of the bank's credit ratings be downgraded as a result of an asset sale by, or a merger of, Alliance. At end-H105, Alliance was the fifth largest bank in Kazakhstan with a market share of approximately 6.7% of total sector assets. Contact: Alexei Kechko, James Watson, Moscow, Tel: +7 095 956 9901. Media Relations: Julian Dennison, London, Tel: +44 20 7862 4080. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. [2005-10-26]