Fitch rates ATF Bank note BB-

Fitch Ratings said it affirmed ATF Bank's BB- issuer default rating, B short-term rating, D individual rating and 3 support rating and assigned a final BB- long-term rating to ATF Capital BV's $450 million 9¼% eurobonds due 2014, which will be irrevocably and unconditionally guaranteed by ATF Bank.

The outlook is stable.

The bank's issuer default, short-term and support ratings reflect Fitch's view of the moderate likelihood of state support being available to the bank in case of need given ATF Bank's significant and increased market shares and the ability of the Kazakhstani authorities to provide support, as reflected in the sovereign's BBB foreign-currency issuer default rating.

The agency said the individual rating reflects the risk inherent in ATF Bank's rapid asset growth, high construction sector and borrower concentrations, increased pressure on capital and significant reiance on international funding.

However, the rating also take into account the bank's reasonable loan impairment levels and liquidity profile to date and its modest market risk appetite, Fitch added.

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