Moody's may lift BTA

Moody's Investors Service said it placed on review for possible upgrade the E bank financial strength rating and Caa3 long-term local- and foreign-currency deposit ratings of BTA Bank.

The C long-term foreign-currency debt ratings assigned to its senior unsecured, subordinated and junior subordinated bonds, which were cancelled in the course of a debt restructuring, have been withdrawn.

The action follows news that BTA Bank completed the restructuring of $16.65 billion debt in August in a deal that included cancellation of existing debt, debt-to-equity conversion as well as the issuance of longer-maturity bonds, Moody's said.

As a result of the cancellation of the debt and its conversion into equity, BTA Bank has been recapitalized by more than $11 billion, which enabled it to meet the minimal capital adequacy requirements of Kazakhstan's Financial Market Supervision Authority, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.