S&P присвоило евробондам Банка развития Казахстана рейтинг "ВВВ-"

/REUTERS, перевод с английского Владимира Кузнецова, 06.03.06/ - Международное рейтинговое агентство Standard & Poor's Ratings Services присвоило рейтинг приоритетного необеспеченного долга на уровне "ВВВ-" евробондам Банка развития Казахстана, которые будут выпущены в рамках программы размещения среднесрочных нот на $1 миллиард. Государственный Банк развития Казахстана назначил HSBC и UBS лид- менеджерами выпуска еврооблигаций, номинированных в долларах США. Бонды будут размещаться после роуд-шоу в Азии и Европе. Ниже приводится оригинальный текст сообщения агентства Standard & Poor's Ratings Services. DEVELOPMENT BANK OF KAZAKHSTAN'S UPCOMING ISSUE UNDER EURO MTN PROGRAM ASSIGNED 'BBB-' RATING LONDON (Standard & Poor's) March 6, 2006 - Standard & Poor's Ratings Services said today it assigned its 'BBB-' senior unsecured debt rating to Development Bank of Kazakhstan's (DBK; BBB-/Stable/A-3) upcoming issuance under its enlarged $1 billion Euro MTN (EMTN) program (increased from the $400 million launched in 2002). The ratings on DBK reflect the Bank's clearly defined public policy role for the government of the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3) and 100% public sector ownership, which ensure strong implicit state support. "DBK's conservative leverage policies, and the lack of alternative domestic suppliers of long-term credit to the Kazakh economy, also support the ratings," said Standard & Poor's credit analyst Luc Marchand. The sovereign maintains an arm's-length relationship with DBK and does not guarantee the Bank's obligations, although it keeps the Bank well capitalized relative to the size of its business. The authorities are also closely involved in defining DBK's strategy, as well as controlling the Bank through its board of directors. In view of the substantial development needs in Kazakhstan's infrastructure and manufacturing sectors, DBK has a vital role to play for many years to come. Total assets increased by more than 40% to KZT139.8 billion (just below $1 billion) at year-end 2005, mainly reflecting the increases in the Bank's equity capital provided by the government and increasing bond issues. Loan commitments have been built up since the inception of the bank, and at year-end 2005, DBK had a portfolio of disbursed investment projects and export operation loans with a total volume of $357.6 million. The Bank is expected to expand its loan portfolio prudently in a high-risk market environment. Although DBK's Memorandum on Credit Policy limits total liabilities to 600% of the bank's capital, management policies have capped the bank's leverage at a borrowed funds-to-capital ratio of 200%. "We believe that government support will remain strong, as demonstrated by past capital increases and the expected further rise in the Bank's capital," said Mr. Marchand. "For the foreseeable future, no changes are expected in the policy and regulatory framework that would weaken the Bank's key policy role in the government's development plans." Nevertheless, a deviation from DBK's policy role, or signs of weakening government support, would result in downward pressure on the ratings. Primary Credit Analyst Luc Marchand, London (44) 20-7176-7111; luc_marchand@standardandpoors.com Secondary Credit Analyst: Farouk Soussa, PhD., London (44) 20-7176-7104; farouk_soussa@standardandpoors.com [2006-03-06]