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Almaty: BTA is assigned Fitch's

13.06.2005 / Anvar Khaltayev, Vice President, Financial Institutions

Hereby Bank TuranAlem would like to announce that on June 10, 2005 it has been assigned the following ratings by Fitch Ratings, the international rating agency:

TypeRating
Long-termBB
Short-termB
IndividualC/D
Support3
OutlookStable

Fitch has also assigned "BB" Long-term Foreign Currency ratings to each of the following issues of Notes, issued by Turan Alem Finance B.V. and guaranteed by BTA:

  • U.S. $100 mm Notes due May 29, 2007;
  • U.S. $600 mm Notes due June 2, 2010;
  • U.S. $400 mm Notes due March 24, 2014;
  • U.S. $350 mm Notes due February 10, 2015.

The official information released by Fitch Ratings says that "BTA"s Long-term, Short-term and Support ratings reflect what Fitch views as moderate probability of support from the Kazakh authorities, should it be required. This view is based on the perceived relatively strong propensity of the Kazakh authorities to support BTA, as well as the ability to provide support, reflected in Kazakhstan’s ‘BBB-‘ Long-term foreign currency rating. The Individual rating reflects the risks inherent in the bank’s rapid loan growth and ongoing expansion into other CIS countries, significant loan concentrations, moderate capitalisation and certain weaknesses in the bank’s operating environment. However, it also considers the bank’s substantial franchise, reasonable performance and liquidity, relatively diversified funding base and fairly low market risk appetite’

Reference

Fitch Ratings, the international rating agency, has more than 11-year experience of working with the CIS issuers. In Kazakh market, Fitch Ratings is well represented for more than seven years now. Rating definitions are available on the agency’s public web-sites,www.fitchratings.com and/or www.fitchratings.ru.

Bank TuranAlem is a leading commercial bank in Kazakhstan and establishes its banking network throughout the CIS. Currently, BTA assets exceed U.S. $5.2 bn, total equity exceeds U.S. $600 mm. The largest world development institutions are amongst the shareholders of BTA (EBRD, FMO, IFC and RZB). Bank TuranAlem has a major presence in trade finance, SME financing and mortgage lending.

Contact Person: Anvar Khaltayev, Vice President, Financial Institutions, tel.: +7 (3272) 505 135, fax: +7 (3272) 505 169, e-mail: khaltaev@bta.kz