Moody's Downgrades Hybrid Securities Ratings of Three Kazakh Banks

Moody's Investors Service has today downgradedthe ratings on certain hybrid securities of three Kazakh banks, namelyKazkommertsbank, ATF Bank and Bank CenterCredit. This rating action is inline with the rating agency's revised Guidelines for Rating Bank Hybridsand Subordinated Debt, published in November 2009. This concludes Moody's review for possible downgrade that began on 18November 2009, which was the last rating action date for each issuer. Therating outlook for Kazkommertsbank, ATF Bank and Bank CenterCreditremains negative, and all other ratings on these banks remain unchanged. Prior to the global financial crisis, Moody's had incorporated into itsratings an assumption that support provided by national governments andcentral banks to support a troubled bank would, to some extent, benefitthe subordinated debt holders as well as the senior creditors. Thesystemic support for these instruments has not been forthcoming in manycases. Moody's revised methodology largely removes previous assumptionsof systemic support, resulting in today's rating action. In addition, therevised methodology generally widens the notching on a hybrid's ratingthat is based on the instrument's features. The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's stand-alone credit strength,including parental and/or cooperative support, if applicable. TheAdjusted BCA excludes systemic support. The Adjusted BCA is B2 for Kazkommertsbank and is the same as the BCA given that parental and/or cooperative support does not apply. The Adjusted BCA is Ba2 for ATF Bank and includes 3- notches of uplift from its BCA of B2 for parental support from UniCredit SpA. The Adjusted BCA is B1 for Bank CenterCredit and is the same as the BCA given that parental and/or cooperative support does not apply. The hybrid instruments issued by the above mentioned Kazakh banks are perpetual and rank deeply subordinated in liquidation. Coupon payments must be suspended upon breach of minimum capital adequacy ratios or liquidity ratios, or if such payments would result in a breach of those ratios. Any unpaid coupons are non-cumulative. Moody's generally ratessuch instruments two notches below an issuer's Adjusted BCA.

Originally published by Info-Prod Strategic Business Information.

(c) 2010 Info-Prod Research (Middle East). Provided by ProQuest LLC. All rights Reserved.

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Posted : Sunday 31 January 2010 14:48 | FinReg21 Editor

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