Fitch присвоило рейтинги АО "Астана-Финанс" (Казахстан) и предстоящему выпуску еврооблигаций Astana Finance B.V.

/ИРБИС, Асель Омарова, 24.01.06/ - Международное рейтинговое агентство Fitch Ratings (Лондон) 23 января 2006 года присвоило долгосрочный кредитный рейтинг АО "Астана-Финанс" (Астана) на уровне "BB+" со стабильным прогнозом. Помимо этого агентство присвоило АО "Астана-Финанс" краткосрочный кредитный рейтинг на уровне "B", индивидуальный - "D/E" и рейтинг поддержки - "3". Согласно сообщению, размещенному на официальном сайте Fitch Ratings, одновременно был присвоен ожидаемый рейтинг "BB+" предстоящему дебютному выпуску еврооблигаций дочерней компании АО "Астана-Финанс" - Astana Finance B.V., номинированных в долларах США. Ниже приводится полный текст сообщения Fitch Ratings на эту тему. FITCH RATES KAZAKHSTAN'S ASTANA FINANCE 'BB+' 23 Jan 2006 1:44 PM (EST) Fitch Ratings-London/Moscow-23 January 2006: Fitch Ratings has today assigned ratings to Kazakhstan's JSC Astana Finance ("AF") of Long-term 'BB+' with Stable Outlook, Short-term 'B', Individual 'D/E' and Support '3'. At the same time, Fitch has assigned an expected 'BB+' rating to Astana Finance B.V.'s ("AFBV") upcoming, debut USD-denominated eurobond, which will be guaranteed unconditionally and irrevocably by AF. The final rating to the eurobond is contingent upon receipt of final documentation conforming materially to information already received. AF's Long-, Short-term and Support ratings reflect Fitch's opinion that there is a moderate likelihood that support would be made available to it from the municipality of Astana or potentially the Kazakhstani sovereign (rated Long-term Foreign Currency Issuer Default Rating 'BBB'), should support be required. This opinion is based on Fitch's assessment of the propensity and ability of the municipality of Astana or the Kazakhstani sovereign to support AF. AF is a non- bank financial institution that is 30.1%-owned by the municipality of Astana. Part of its activity is the provision of development finance (debt and equity) in Astana, the capital of Kazakhstan, and the surrounding Akmola region. The municipality of Astana has been supportive of AF to-date in terms of equity injections, subsidised funding, first refusal on investments etc. It has also provided Fitch with a strong letter of comfort in respect of AF. The same letter will be included in the eurobond prospectus, addressed to the trustees and for the benefit of noteholders. However, the municipality of Astana itself has relatively limited funds specifically set aside that might be used to support AF. Consequently, sovereign support could be necessary, should more significant support be needed by AF than can be diverted at short notice from other municipal resources. Given, among other factors, the moral obligation the comfort letter creates on the country's flagship capital city to support AF, Fitch believes there is also a moderate probability that support might flow through from the Kazakhstani sovereign. AF's Individual rating reflects its small size, weak underlying profitability, substantial loan book concentrations and low capitalisation targets. Its loan book is very concentrated, both by individual name and on the agriculture and construction/real estate sectors. While asset quality has been good to date, the loan book has been growing fast, so impaired loans could rise as loans season. In light of concentration risk, rapid loan growth and the potentially volatile economy, AF's impairment allowance/gross loans ratio is also low. Any movement in AF's Long-term rating would reflect a change in our opinion regarding the propensity or ability of the municipality of Astana and/or the Kazakhstani sovereign to provide timely support to AF. An improvement in AF's Individual rating is unlikely without an improvement in underlying performance, revenue quality, free capital and lower loan concentrations The terms and conditions of AFBV's notes state that AF's obligations under its guarantee will rank at least pari passu in right of payment with all its other present and future unsecured and unsubordinated obligations, save those preferred by relevant (bankruptcy, liquidation etc.) laws. Eurobond covenants limit asset sales and mergers by AF. Financial covenants include requirements to maintain a minimum equity plus subordinated debt/assets ratio of 8%; consolidated tangible net worth of at least USD15 million; liquid assets in excess of 30% of six-month liabilities; and financial assets in excess of 70% of consolidated assets. There is a cross default clause and investors have a put option in the event that AF's Long-term rating is withdrawn or downgraded by at least two notches as a result of a merger or asset sale, or should the municipality of Astana's stake in AF fall below 25%. AF was created in 1997 by the municipality of Astana to facilitate development finance for Astana, the rapidly growing new capital of Kazakhstan and for the surrounding Akmola region. It has since diversified geographically. AF's main businesses are lending (mainly long-term leasing, project finance and mortgage lending) and making equity investments. Contact: James Longsdon, London, Tel: +44 207 417 4309; Lindsey Liddell, +44 207 417 3495. Media Relations: Jon Laycock, London, Tel: +44 20 7417 4327. 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. [2006-01-24]