S&P rates ATF Bank eurobond B

Standard & Poor's said it assigned its B long-term and C short-term counterparty credit ratings to Kazakhstan-based ATF Bank. At the same time, S&P assigned its B long-term senior unsecured debt rating to ATF's existing $100 million eurobond issue.

S&P also assigned its B long-term senior unsecured debt rating to ATF Bank's proposed eurobond issue. The amount and tenor of the proposed issue are to be specified.

The outlook is positive.

"The ratings on ATFB reflect the continued high-risk operating environment in the Republic of Kazakhstan (BBB/stable/A-3) and the bank's concentrations in funding and its rapid loan growth. These vulnerabilities are partially offset by ATFB's fairly good track record of strong financial performance and business growth, as well as its improving customer franchise," said S&P credit analyst Ekaterina Trofimova.

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