Fitch присвоило ожидаемый рейтинг B+ "вечным" бондам ТуранАлема

/REUTERS, 06.01.06/ - Рейтинговое агентство Fitch присвоило ожидаемый рейтинг В+ планируемому выпуску бессрочных облигаций на $100-150 миллионов казахстанского банка ТуранАлем, сообщило агентство в пятницу. Агентство финансового надзора Казахстана в конце прошлого года разрешило банкам увеличивать капитал за счет выпуска бессрочных инструментов. ТуранАлем, второй крупнейший банк Казахстана, выпустит бумаги через специально созданную компанию BTA Finance Luxembourg S.A. Облигации могут быть погашены через 10 лет после размещения. Другое рейтинговое агентство - Moody's - присвоило планируемому выпуску рейтинг Ваа3. Ниже приводится оригинальный текст сообщения агентства Fitch на английском языке. Fitch Assigns Bank TuranAlem's Upcoming Tier 1 Issue Expected 'B+' Rating 06 Jan 2006 4:52 AM (EST) Fitch Ratings-London/Moscow-06 January 2006: Fitch Ratings has today assigned BTA Finance Luxembourg S.A.'s ('the Issuer') upcoming issue of perpetual preferred securities ('the Securities') an expected Long-term 'B+' rating. The notes are to be used solely for financing a subordinated loan from the Issuer to TuranAlem Finance B.V., Netherlands, which will in turn make a further subordinated loan to Kazakhstan's Bank TuranAlem ("BTA"). The Securities are intended to qualify as Tier I capital under Kazakhstani banking regulations. 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 BTA's 'BB+' Long-term foreign currency rating reflects Fitch's notching policy for senior and more junior obligations, indicating the higher expected loss for the latter. It also takes into account the fact that BTA's Long-term rating is driven by the possibility of support being made available by the Kazakhstani authorities in case of need. In Fitch's opinion such support would be less likely to be given in order to prevent the triggering of dividend cancellation provisions on the Securities. Non-cumulative dividends will be paid on the Securities semi-annually at a fixed rate for the first ten years after issuance. Subsequently, dividends will be paid semi-annually at a floating rate, based on six-month LIBOR. The Issuer will be required to pay dividends unless such payment (together with payment on any other outstanding non-cumulative debt obligations of BTA) would cause a breach of Kazakhstani capital adequacy regulations by BTA or BTA's Board has notified the Kazakhstani regulator that such a breach is expected to occur in the near term. Notwithstanding this, the Issuer will still be required to pay dividends if BTA or any of its subsidiaries has recently paid dividends on (or repurchased) ordinary shares or perpetual non-cumulative debt obligations. A support agreement between the Issuer and BTA obliges BTA to make sufficient funds available to the Issuer to meet its obligations in respect to the Securities. BTA's obligations under the support agreement will rank pari passu with all perpetual non-cumulative debt obligations of the bank, and senior to its ordinary and preferred shares. If BTA fails to perform on its obligations under the support agreement, or is subject to bankruptcy proceedings, the holders of the Securities can enforce BTA's obligations under the support agreement on behalf of the Issuer. The Issuer can redeem the Securities after ten years, and thereafter on any semi- annual dividend payment date. If the Securities cease to qualify as Tier I capital, then they can be redeemed beginning from the fifth anniversary of their placement. BTA (rated Long-term Foreign Currency 'BB+'/Stable, Short-term Foreign Currency 'B', Long-term Local Currency 'BBB-(BBB minus)'/Stable, Short-term Local Currency 'F3', Individual 'C/D', Support '3') was the second largest commercial bank in Kazakhstan by IFRS assets at end-H105, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors, but Raiffeisen Zentralbank, the European Bank for Reconstruction and Development, the International Finance Corporation and Nederlandse Financierings - Maatschappij Voor Ontwikkelingslanden own convertible preferred shares, resulting in a 17.1% equity ownership in the bank. Contact: James Watson, Alexei Kechko, Moscow, Tel: +7 095 956 9901. Media Relations: Jon Laycock, London, Tel: +44 20 7417 4327. [2006-01-06]