Fitch rates ATF Bank eurobond B+

Fitch Ratings said it assigned Kazakhstan-based ATF Bank's upcoming eurobond an expected long-term B+ rating.

ATF is rated long-term B+ with a stable outlook, short-term B, individual D, and support 4.

Fitch said the notes are to rank at least pari passu with the claims of other unsecured creditors of ATF, save those preferred by relevant legislation. Covenants prevent ATF entering into transactions of $3 million or more on other than market terms, restrict dividend payments to 50% of net income, and oblige the bank to maintain a total capital ratio of at least 10%, as calculated in accordance with the Basel recommendations.

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