REUTERS, 16 августа
Международное рейтинговое агентство Fitch снизило долгосрочный рейтинг банка Центркредит до "В-" с "В", а индивидуальный рейтинг - до "D/E" c "D". Прогноз изменения рейтингов изменен на "стабильный" с "негативного".
Fitch подтвердило краткосрочный рейтинг и рейтинг поддержки банка на уровне "В" и "5Т" соответственно.
В сообщении Fitch говорится, что решение о снижении рейтингов было принято в связи с недостаточным ростом капитала банка Центркредит, необходимым для того, чтобы соответствовать быстро растущему кредитному портфелю, и слабой прибыльности.
Ниже следует текст сообщения Fitch на английском языке:
(The following statement was released by the ratings agency).
LONDON, August 16 - Fitch Ratings, the international rating agency, has today downgraded the Long-term rating of Bank Centercredit (BCC) to "B-" (B minus) from "B" and its Individual rating to "D/E" from "D". The Outlook for the Long-term rating has been changed to Stable from Negative. BCC"s Short-term and Support ratings have been affirmed at "B" and ?T" respectively.
The rating action reflects insufficient growth in BCC"s capital to match the rapid increase in the loan book and the bank"s continued weak profitability. At mid- 2002, BCC"s Tier 1 capital adequacy ratio was only just in excess of the regulatory minimum of 6%. The bank is expecting to raise a further KZT2.5 billion in new capital over the course of the next year, of which 40% is expected to be received before end-2002. In light of the bank"s high level of fixed assets, the need to maintain a sufficient level of loan loss reserves and intentions to grow apace, capitalisation is, in Fitch"s opinion, likely to remain less than adequate, at least in the medium term.
However, the agency notes that there have been signs of improvement at a pre-provision operating profit level in 1H02, as revenues have grown strongly against a relatively flat cost base. Nevertheless, the rapidly rising loan book and evidence of some deterioration in asset quality is likely to result in a significant increase in provisions in 2002, thereby constraining the bank"s overall results.
Fitch says that BCC"s ability to sustain and further improve core performance beyond 2002, as well as a significant increase in capital, would help a positive review of the bank"s ratings. Evidence of a lack of considerable loan quality problems would provide additional comfort to facilitate such a review.
BCC was established in 1988 and is a medium-sized bank in Kazakhstan with a market share of c.4% of banking sector assets. The bank mainly services domestic SMEs, mostly in the trade, mining, agriculture and food sectors, but has also been growing its retail business strongly. BCC is owned by several pension funds and the Atameken Financial Industrial Group, one of whose shareholders is also the bank"s Chairman and in whose hands control of the bank, in Fitch"s opinion, ultimately resides.