Fitch пpисвоило ожидаемый рейтинг "В-" евробондам Темирбанка (Казахстан)

/REUTERS, 14.03.06/ - Международное рейтинговое агентство Fitch Ratings присвоило во вторник ожидаемый долгосрочный рейтинг "В-" запланированному выпуску еврооблигаций казахстанского Темирбанка. Рейтинг соответствует собственному рейтингу дефолта эмитента Темирбанка. Ниже приводится оригинальный текст сообщения Fitch. FITCH ASSIGNS TEMIRBANK'S UPCOMING EUROBOND EXPECTED 'B-' RATING Fitch Ratings-London/Moscow-14 March 2006: Fitch Ratings has today assigned Temir Capital B.V.'s upcoming issue of notes an expected Long-term 'B-' (B minus) rating. The final rating is contingent on receipt of final documents conforming to information already received. Proceeds from the issue of the notes will be deposited with Kazakhstan's Temirbank ("Temir"). Temir will unconditionally and irrevocably guarantee the timely and full repayment of the notes in the trust deed between Temir, Temir Capital B.V. and the trustee, The Bank of New York. Temir Capital B.V. is a Netherlands-domiciled subsidiary of Temir, which is rated Issuer Default 'B-' (B minus), Short-term 'B', Individual 'D/E', and Support '5'. The Outlook is Stable. 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 Temir under the guarantee will rank at least pari passu with claims of other unsecured creditors of Temir, 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- November 2005, retail deposits accounted for around 18% of Temir's total liabilities, according to the bank's reviewed IFRS financial statements. Covenants limit Temir'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. Temir 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 Temir. In the event of such 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 the bank's Issuer Default Rating be downgraded as a result of an asset sale by, or a merger of, Temir. Temir is one of the 12 largest banks in Kazakhstan, but held a small 1.4% of the system's assets at end-H105. In 2005, its owners changed the bank's senior management and refocused its strategy towards aggressive growth in retail lending, in particular mortgages and car loans. The new management team has been able to increase loans to individuals by 145% in 11M05. However, the bank's risk management and operational capacities in this new area are still to be demonstrated, and the quality of originated assets will be tested only when a significant amount of the new loans seasons. Contact: Alexei Kechko, James Watson, Moscow, Tel: +7 495 956 9901. Media Relations: Jon Laycock, London, Tel: +44 20 7417 4327. [2006-03-14]