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Rating Action:

MOODY'S ASSIGNS A3/PRIME-2 DEPOSIT RATINGS TO EXIMBANKA SR (SLOVAKIA).

24 Feb 2004
MOODY'S ASSIGNS A3/PRIME-2 DEPOSIT RATINGS TO EXIMBANKA SR (SLOVAKIA).

First time ratings.

London, 24 February 2004 -- Moody's Investors Service assigned A3/Prime-2 deposit ratings to Eximbanka SR (Eximbanka). According to Moody's, the ratings are based on the guarantee by the Slovak Republic (rated A3/Prime-2) pursuant to its Act No. 80/1997 (Art. 26), as well as on the 100% state-ownership of Eximbanka. The outlook is stable.

As stipulated in Article 26 of Act 80/1997, the Act regulating Eximbanka: "the Slovak State shall be liable for Eximbanka's obligations incurred in raising funds in foreign financial markets and for other obligations incurred in Eximbanka's financing and insuring of export credits". As a government agency, Eximbanka is 100% owned by the Slovak State and Moody's said that it does not expect the Slovak government to privatise the entity in the medium term. However, Eximbanka's position is somewhat weaker than other import-export institutions in neighbouring countries, added the rating agency. Despite its name, Eximbanka is not a bank and the institution is neither subject to the supervision of the National Bank of Slovakia nor subject to local banking rules and regulations. Eximbanka is ruled by its own Act, which defines its activities to financing and insuring of import and export credits. However, Eximbanka provides the National Bank of Slovakia with all information required from a bank. In addition, Eximbanka's guarantees are not as strong as those of similar institutions in neighbouring countries, as the State-guarantee is not included in the national budget and the State does not provide any other guarantees.

Moody's noted that Eximbanka's activities are defined by its Act, and its role is to support Slovak export by financing and insuring exports. Since its creation, its support of Slovak exports has been increasing and now represents around 7% of the country's exports (including banking and insurance activities).

Despite not having a banking licence, Eximbanka carries out a limited range of banking activities, all of which are related to the financing of exports as defined in its Act. Given that its banking activities are short term, Eximbanka does not provide "export financing with State support" as defined by the OECD's "Arrangements on Guidelines for Officially Supported Export Credits". In terms of its banking activities, Moody's said that Eximbanka does not benefit from any subsidies from the government. While Eximbanka can lend directly to exporters and buyers of Slovak goods, the large majority of its lending consists of short-term export-related refinancing credits to Slovak commercial banks. Eximbanka refinances commercial banks that are engaged in short-term activities, at a preferential rate linked to the base rate.

The main part of Eximbanka's insurance activities is insurance of short-term commercial risk that the institution is undertaking on a competitive basis. Moody's noted that Eximbanka is keen to increase its activities in medium- to long-term insurance of commercial and political risk. For this activity, in compliance with the aforementioned OECD Arrangement Guidelines, Eximbanka benefits from funds entrusted from the State budget registered in its capital, and the development of this activity corresponds with the government's objectives. Unlike most similar institutions, Eximbanka does not perform these activities as an agent of the Government on a fee-business basis, but keeps the medium- to long-term incomes in its own books.

Eximbanka, with year-end 2003 assets of SKK 7 215 million (EUR 173 million), is headquartered in Bratislava.

London
Samuel S. Theodore
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

London
Cecile Bidet
Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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