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Fitch rates ATF Bank's eurobond B+
Fitch Ratings said it has assigned Kazakhstan-based ATF Bank's upcoming eurobond an expected long-term B+. ATF Bank is rated long-term B+ with a stable outlook, short-term B, individual D and support 4.
The notes are to rank at least pari passu with the claims of other unsecured creditors of the bank, save those preferred by relevant legislation. Under Kazakhstan law, the claims of retail depositors rank above those of other senior unsecured creditors.
The notes also contain a cross-default clause and a negative-pledge clause, the latter of which allows for a degree of securitization by ATF Bank, Fitch said.
Should any securitization be undertaken, Fitch said the nature and extent of any overcollateralization would be assessed by the agency for any potential impact on unsecured creditors.
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