Moody's присвоило ожидаемый рейтинг "Ваа2" евробондам Халык банка

/REUTERS, перевод Владимира Кузнецова, 25.04.06/ - Международное рейтинговое агентство Moody's Investors Service присвоило во вторник ожидаемый долгосрочный рейтинг "Baa2" запланированному выпуску еврооблигаций казахстанского Халык банка. Бонды будут выпущены SPV-компанией HSBK (Europe) B.V.. Объем размещения будет определяться, исходя из рыночной конъюнктуры, срок обращения ожидается на уровне 7-10 лет. Прогноз изменения рейтинга - стабильный, говорится в сообщении Moody's. Ниже приводится оригинальный текст сообщения Moody's. MOODY'S ASSIGNS Baa2 RATING TO HALYK BANK'S (KAZAKHSTAN) UPCOMING SENIOR UNSECURED NOTES ISSUE Limassol, April 25, 2006 - Moody's Investors Service has assigned a long-term rating of Baa2 to the senior unsecured foreign currency notes expected to be issued by HSBK (Europe) B.V., a Netherlands-based special-purpose company wholly owned by Halyk Bank (Kazakhstan). The issue will be unconditionally and irrevocably guaranteed by Halyk Bank which is the ultimate obligor under the transaction. The amount will be determined by market conditions, while the tenor is likely to be in the range of seven to ten years. The outlook for the rating is stable. The rating of Halyk Bank's senior unsecured debt has pierced Kazakhstan's sovereign ceiling for bonds of Baa3. The Baa2 rating is based on Moody's assessment of Halyk Bank's fundamental credit quality which incorporates, apart from the bank's intrinsic financial strength, potential support from the Kazakhstani authorities in the event of need. The level of the rating reflects the vital role the bank plays in the country's economy. Moody's notes that the likelihood of Halyk Bank receiving support from the government in case of distress is very high and is the primary driver of the rating. The rating also takes into account the fact that Halyk Bank is the third-largest bank in Kazakhstan with an important franchise in the domestic, corporate and retail market as reflected in its significant 12.4% market share in terms of banking assets and a large 21.9% market share in terms of retail deposits as at 31 December 2005. 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 government could impose a debt moratorium in the event of default on its own foreign currency obligations. In addition, the rating 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". Halyk Bank is headquartered in Almaty, Kazakhstan. According to its preliminary IFRS financial statements for 2005, the bank reported total consolidated assets of KZT559.7 billion (US$4.2 billion) and total shareholders' equity of KZT63.1 billion (US$417 million) as at 31 December 2005. London Adel Satel Managing Director Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Andrey Naumenko Vice President - Senior Analyst Financial Institutions Group [2006-04-25]