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MOODY'S ASSIGNS Baa3 LONG-TERM DEBT RATING TO THE UPCOMING ISSUE OF BTA FINANCE S.A. TIER I PERPETUAL PREFERRED SECURITIES; STABLE OUTLOOK

January 06, 2006 | Cbonds

Moody's Investors Service has assigned a long-term rating of Baa3 to Tier I Perpetual Preferred Securities ("the Securities") to be issued by BTA Finance Luxembourg S.A. ("the Issuer"), a special purpose vehicle controlled by Bank TuranAlem, Kazakhstan ("BTA") and consolidated within its group structure. The Securities have the benefit of a support agreement from BTA, which allows them to qualify as a junior subordinated debt as per Moody's classification. The amount of the issue has yet to be determined, but is likely to be US$100-150 million. The rating is subject to Moody's review of the final documentation on the issue. The outlook for the rating is stable.


The Securities will have no fixed final redemption date, but will be callable by the Issuer commencing from the tenth anniversary from the closing date of the issue (subject to regulatory approval); they will also become redeemable at the Issuer's option in the period from the fifth to the tenth anniversary of the closing date in case of changes in taxation or disqualification by the Kazakhstani regulator as a part of BTA's Tier 1 capital.


Moody's notes that the rating is based on (i) BTA's fundamental credit quality, (ii) the extent of the instrument's subordination against various classes of debt and equity, as well as (iii) the predictability of ongoing payments. The level of the rating reflects the vital role the bank plays in the Kazakhstani economy. Moody's considers that the likelihood of BTA 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 relative ranking of the Securities, which will stand senior to common equity and preferred stock holders, on a par with unsecured, perpetual, non-cumulative, subordinated obligations, but behind most of the senior unsecured and non-perpetual subordinated obligations, in case of liquidation.


Moody's also notes that the rating factors in BTA's mandatory obligation to suspend non-cumulative interest payments (in full or in part) on the Securities, if it were in breach of the Kazakhstani prudential capital adequacy requirements or if the payment results in such breach. However, in all other cases (unless legally prohibited by the Kazakhstani laws and regulations) BTA must make distributions on the Securities, or face the risk of a legal action which could be taken by the investors against the bank within the framework of the support agreement between the BTA and the Issuer.


Headquartered in Almaty, Kazakhstan, BTA reported (unaudited) total consolidated assets of KZT750 billion (US$ 5.5 billion) under IFRS as at 30 June 2005.

Issue: BTA bank, 8.25% perp., USD

StatusVerzugLand des RisikosVolumenEmissions-Rating (M/S&P/F)
Vorzeitig zurückgezahltJaKasachstan400.000.000 USDWithdrawn/-/Withdrawn

Unternehmen: BTA bank

Vollständiger FirmennameJoint Stock Company "BTA bank"
Land des RisikosKasachstan
Land der EintragungKasachstan
BrancheBanken

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