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Fitch Withdraws Ratings of Astana Finance and Astana Finance Leasing

August 4, 2011 Fitch Ratings
Fitch Ratings-Moscow/London-03 August 2011: Fitch Ratings has affirmed and withdrawn Kazakh JSC Astana Finance's (AF) ratings, including its Long-term foreign currency Issuer Default Rating (IDR) at 'RD' (Restricted Default). The agency has also maintained Astana Finance Leasing Company JSC's (AFL) 'C' IDRs on Rating Watch Negative (RWN) and withdrawn its ratings. A full list of ratings actions is at the end of this comment.

Fitch has withdrawn the ratings of both companies as both issuers have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, the agency will no longer provide ratings or analytical coverage of both companies.

The affirmation of AF's IDRs at 'RD' reflects the fact that the company has not yet completed the restructuring process which it entered soon after its default in May 2009. Fitch has maintained AFL's IDRs at the 'C' level on the basis that the company has continued to service its third party obligations, according to AF's management representations. However, the agency has maintained AFL's IDRs on RWN reflecting Fitch's expectation that AFL's third party liabilities will become subject to a coercive debt exchange (CDE) as part of the restructuring.

AF is a finance company which defaulted in May 2009 and began restructuring negotiations on about USD2bn of debt. AFL is AF's 100%-owned subsidiary.

The rating actions are as follows:

JSC Astana Finance
Long-term foreign currency IDR affirmed at 'RD'; withdrawn
Short-term foreign currency IDR affirmed at 'RD'; withdrawn
Long-term local currency IDR affirmed at 'RD'; withdrawn
National Long-term Rating affirmed at 'RD(kaz)'; withdrawn
Individual Rating affirmed at 'F'; withdrawn
Support Rating affirmed at '5'; withdrawn
Support Rating Floor affirmed at 'No Floor'; withdrawn
Senior unsecured debt rating affirmed at 'C'/RR4/; withdrawn

Astana Finance Leasing Company JSC
Long-term foreign currency IDR 'C'; RWN maintained; withdrawn
Short-term foreign currency IDR 'C'; RWN maintained; withdrawn
Long-term local currency IDR 'C'; RWN maintained; withdrawn
National Long-Term Rating 'C(kaz)'; RWN maintained; withdrawn
Support Rating affirmed at '5'; withdrawn
Company — Astana-finance
  • Full name
    Joint Stock Company "Astana-finance"
  • Registration country
    Kazakhstan
  • Industry
    Financial institutions