Moody's присвоило рейтинг "Ваа2" евробондам Казкоммерцбанка

/REUTERS, перевод Владимира Кузнецова, 20.03.06/ - Международное рейтинговое агентство Moody's Investors Service присвоило долгосрочный рейтинг "Baa2" выпуску евробондов казахстанского Казкоммерцбанка на 300 миллионов евро в рамках общей программы выпуска международных облигаций на $1,5 миллиарда. Прогноз изменения рейтинга - стабильный, говорится в сообщении Moody's. Ниже приводится оригинальный текст сообщения Moody's. MOODY'S ASSIGNS Baa2 RATING TO DRAWDOWN UNDER KAZKOMMERTS INTERNATIONAL B.V.'S EMTN PROGRAMME; OUTLOOK STABLE London, 20 March 2006 - Moody's Investors Service has assigned a long-term rating of Baa2 to the EUR300 million drawdown under the US$1.5 billion Guaranteed Debt Issuance Programme of Kazkommerts International B.V. These notes will be unconditionally and irrevocably guaranteed by JSC Kazkommertsbank (Kazakhstan) ["Kazkommertsbank"] and will represent unsubordinated and unsecured obligations of the Issuer and the Guarantor. The tenor of the notes will be five years. The outlook for the rating is stable. Moody's notes that according to the terms of the programme, Kazkommerts International B.V. and Kazkommertsbank will have to comply with a number of covenants such as negative pledge and a limitation on certain transactions. Kazkommertsbank will also have to comply with limitation on payment of dividends. The rating of Kazkommertsbank's senior unsecured debt has pierced Kazakhstan's sovereign ceiling for bonds of Baa3. The level of the rating reflects the vital role the bank plays in the country's economy. Moody's notes that the likelihood of Kazkommertsbank receiving support from the government in case of distress is very high and is the primary driver of the ratings. The ratings also take into account the fact that Kazkommertsbank is the largest bank in Kazakhstan, and over a relatively short period has been able to develop an important franchise in the domestic, corporate and retail market. 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 last few years as the bank tapped international capital markets with several issues which exhibit certain maturity concentrations, particularly in years 2013-2015. Higher dependence on market funding has increased such refinancing risk and is placing negative pressure on the bank's debt ratings. The rating also reflects the probability of a sovereign default implied by the Kazakh government's low investment-grade Baa3 (positive outlook) foreign currency bond rating, and the likelihood that the Kazakh government could impose a debt moratorium in the event of default on its own foreign currency obligations. At the same time Kazkommertsbank'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 might include foreign currency bonds and that the bank's bonds might 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 exempted from 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 report "Emerging Market Bank Ratings in Local and Foreign Currency: The Implications of Country Risk and Institutional Support", and in Moody's rating methodology "Piercing the Country Ceiling: An Update". Kazkommertsbank is headquartered in Almaty, Kazakhstan, and reported under IFRS total consolidated assets of KZT1,195 billion (US$8.9 billion) as of 31 December 2005. Kazkommerts International B.V. is the bank's funding vehicle domiciled in the Netherlands. Assignments: ..Issuer: Kazkommerts International B.V. ....Senior Unsecured Regular Bond/Debenture, Assigned Baa2 London Adel Satel Managing Director Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Dmitry Polyakov Asst Vice President - Analyst Financial Institutions Group [2006-03-20]