Moody's Investors Service присвоило рейтинг "Ваа2" новой программе евробондов TuranAlem Finance B.V. (Нидерланды) на $3 млрд и 1-му выпуску облигаций в рамках этой программы

/ИРБИС, Ранида Габдеева, 13.12.05/ - Международное рейтинговое агентство Moody's Investors Service присвоило долгосрочный рейтинг в иностранной валюте "Ваа2" новой программе среднесрочных международных облигаций TuranAlem Finance B.V. (Роттердам, Королевство Нидерландов), которые будут выпускаться под полную гарантию АО "Банк ТуранАлем" (Казахстан) на сумму 3 млрд долларов США. Об этом сообщается на официальном сайте агентства Moody's Investors Service. В рамках данной программы предусмотрен выпуск как субординированных облигаций, так и бумаг главного (приоритетного) долга. Агентство Moody's Investors Service также присвоило рейтинг "Ваа2" первому выпуску облигаций в рамках данной программы (XS0236310834, $200 млн, 3 года, плавающий купон). Прогноз рейтингов - "стабильный". Ниже приводится полный текст сообщения агентства Moody's Investors Service на английском языке. MOODY'S ASSIGNS Baa2 LONG-TERM DEBT RATINGS TO BANK TURANALEM (KAZAKHSTAN) Limassol, December 12, 2005 -- Moody's Investors Service has assigned a Baa2 long-term foreign currency rating to the senior and subordinated debt issued by JSC Bank TuranAlem (BTA) through the US$3 billion GMTN Programme of TuranAlem Finance B.V., which is unconditionally and irrevocably guaranteed by BTA. Moody's has also assigned a Baa2 long-term foreign currency rating for the first drawdown of floating rate senior unsecured notes under the mentioned programme. The outlook for both ratings is stable. The amount of the first drawdown is US$200 million with a maturity of three years. Moody's points out that the rating of BTA's senior unsecured debt has pierced Kazakhstan's Baa3 sovereign ceiling for bonds, thus reflecting the bank's important role in the country's economy. Indeed, BTA is the second-largest bank in the system, and has succeeded over a relatively short period of time in building up an important banking franchise in the domestic, corporate and retail markets. Moody's notes that the likelihood of BTA receiving support from the government in case of distress is very high and is the primary driver of the ratings. At the same time, Moody's will be closely monitoring the bank's refinancing risk, which under unfavourable market conditions could result in a liquidity strain, and which has grown considerably over the past few years as the bank tapped international capital markets with a number of sizeable issues, some of which mature in the same year. Higher dependence on market funding has increased such refinancing risk and is placing negative pressure on the bank's debt ratings. Moody's notes that the Baa2 senior unsecured debt rating incorporates the bank's fundamental credit quality, which is reflected in the global local currency rating and which includes all relevant country risks. The rating also reflects the probability of a sovereign default implied by Kazakhstan's low investment-grade Baa3 (positive outlook) foreign currency bond rating, and the likelihood that the government of Kazakhstan could impose a debt moratorium in the event of default on its own foreign currency obligations. At the same time, BTA's foreign currency deposit rating of Ba1 (positive outlook) is constrained by the country ceiling for such deposits. The rating also addresses the risk that any such moratorium may include foreign currency bonds and that the bank's bonds may be particularly affected. Because the banking system is an arm of the government's monetary and foreign exchange policy, Moody's believes that, in general, banks may have a lower probability of having their bonds caught up by a moratorium than, say, a major exporter. The rating, therefore, indicates the joint probabilities of default that are contained in the foreign currency ceiling and in the local currency rating of individual issuers. A discussion of the rationale behind these credit evaluations is detailed in Moody's Special Comment entitled "Emerging Market Bank Ratings in Local and Foreign Currency: The Implications of Country Risk and Institutional Support", and in Moody's Rating Methodology entitled "Revised Country Ceiling Policy". Headquartered in Almaty, Kazakhstan, Bank TuranAlem had total consolidated assets of KZT750 billion (US$5.5 billion) as of 30 June 2005. [2005-12-13]