Fitch affirms ATF Bank

Fitch Ratings said it affirmed Kazakhstan-based ATF Bank's BB- long-term rating, B short-term rating, D individual rating and 3 support rating. The outlook is stable.

The affirmation follows the announcement that ATF is looking to acquire a controlling stake in Kazakhstan's Valut-Tranzit Bank.

Fitch said the ratings continue to reflect the moderate probability of state support being available in case of need. This takes into account the Kazakhstan sovereign's ability to provide support, as reflected in its BBB long-term foreign currency issuer default rating, and its propensity to make support available to banks of ATF's size, which Fitch considers to be moderate.

In addition, the agency said that Valut-Tranzit Bank's relatively small size (third quarter of 2005 total assets equaled 26% of ATF's), its acceptable asset quality to date and the planned equity injection from ATF's shareholders to fund the deal decrease the possibility of ATF's stand-alone credit profile will deteriorate following the acquisition.

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