Moody's could cut ATF ratings

Moody's Investors Service said it placed the following ratings of ATF Bank on review for downgrade: The B1 long-term local- and foreign-currency deposit ratings; the B1 senior unsecured foreign-currency debt rating; the B3 junior subordinated foreign-currency debt rating; and the E+ standalone bank financial strength rating.

The review follows a March 15 joint announcement by ATF bank and by UniCredit Group regarding UniCredit's decision to dispose of its Kazakh banking subsidiary, ATF Bank. The ultimate parent, UniCredit Group, is rated Baa2 deposits negative, bank financial strength rating C-/BCA Baa2 negative.

In placing ATF Bank's deposit and debt ratings on review for downgrade, Moody's said that they currently benefit from a two-notch uplift from the bank's B3 baseline credit assessment, due to the rating agency's assessment of a moderate probability of parental support from UniCredit.

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