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Moody's подтвердило рейтинговые оценки АО «Нурбанк» , прогноз «Стабильный»

Дата: 01 февраля 2011 в 12:30

Moody's подтвердило рейтинговые оценки АО «Нурбанк» , прогноз «Стабильный»

/Moody's Investors Service, Москва, 28.01.11, перевод и заголовок KASE/
— Рейтинговое агентство Moody's Investors Service подтвердило сегодня
рейтинг финансовой устойчивости АО «Нурбанк» («BFSR») на уровне E+,
рейтинги долгосрочных и краткосрочных депозитов в местной и иностранной
валюте на уровне B3/Not Prime и рейтинги старшего необеспеченного долга
в местной и иностранной валюте АО «Нурбанк» на уровне B3. Прогноз по всем
рейтингам международного уровня — «Стабильный».

Ниже приводится оригинальный текст сообщения Moody's на английском

B3 senior unsecured local and foreign currency debt ratings also affirmed

Moscow, January 28, 2011 — Moody's Investors Service has today affirmed
the E+ bank financial strength rating («BFSR»), B3/Not Prime long-term and
short-term local and foreign currency deposit ratings, and the B3 senior
unsecured local and foreign currency debt ratings of Nurbank. The outlook
on all of the global scale ratings is stable.


Moody's ratings affirmation follows: (i) Nurbank's acknowledgement of
severe deterioration in its loan book, with the level of bad loans
approaching half of the loan book as at end-December 2010 under unaudited
local accounting standards (comparing with 23.1 % reported in 2009 audited
financial statements under IFRS), and (ii) a more than threefold increase
in Nurbank's Tier 1 capital following a USD650 million capital injection,
which the bank's shareholders completed by the end of 2010.

Moody's notes that although the capital injection enabled Nurbank to
improve its deficient loan loss reserves (which consequently grew to 42%
of the loan book as at end-December 2010), the bank's creditworthiness
still faces other challenges, such as: (i) weak asset quality, with most
loans being restructured over the past two years, (ii) high industry
concentration on the construction and real estate sectors, which exceeds
1.7x of Tier 1 capital and might hamper asset recovery as a result of
conservative growth expectations for these markets in the medium
term, (iii) weak revenue generation capacity, and (iv) high funding
concentration (funds of the 20 largest depositors accounted for more
than half of the bank's liabilities in 2010).

Moody's explained that Nurbank's ratings have limited upward potential
in the medium term. Any revision of the outlook to positive from stable
would require a notable strengthening of the bank's asset quality and
sustainable reduction in risk concentrations in the assets and
liabilities. Conversely, negative pressure could be exerted on Nurbank's
ratings due to a significant decline in liquidity or a substantial
further deterioration of the bank's asset quality.

Moody's last rating action on Nurbank was on 1 July 2010 when the
bank's long-term foreign and local currency bank deposit ratings,
and foreign and local currency senior unsecured debt ratings were
downgraded to B3 from B2, and the outlook on the deposit and debt
ratings was changed to stable from negative.

The principal methodologies used in rating Nurbank were Moody's «Bank
Financial Strength Ratings: Global Methodology», published in February
2007, and «Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology», published in March 2007.

Headquartered in Almaty, Kazakhstan, Nurbank reported total consolidated
audited assets of KZT297 billion (USD2.0 billion) at 31 December 2009,
while IFRS-compliant net income for 2009 amounted to KZT314 million
(USD2.1 million).

Maxim Bogdashkin
Asst Vice President — Analyst
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Yaroslav Sovgyra
VP — Senior Credit Officer
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Moody's Eastern Europe LLC
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091


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