S&P's ATF Bank ratings unaffected

Standard & Poor's said it has taken no rating action in relation to the recent announcement by Kazakhstan-based ATF Bank (B+/stable/B) of its potential acquisition of Valut-Tranzit Bank.

Based on an exclusive shareholders' agreement, ATF Bank has begun a due diligence process on Kazakhstan's Valut-Tranzit Bank and may acquire a stake of more than 50%. ATF Bank has no binding commitment to buy any stake in Valut-Tranzit Bank, and it is not certain that this acquisition will take place. The terms of any acquisition are subject to the outcome of the ongoing due diligence.

S&P said that were it to go ahead, the acquisition could have a material impact on the financial and commercial position of ATF Bank, depending on its final terms. The bank would need additional capital to support the acquisition and to manage the challenges of integration

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