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Rating Action:

MOODY'S ASSIGNS Baa3 RATING TO GUARANTEED SUBORDINATED NOTES OF KOMERCNI FINANCE B.V.

28 Apr 1998
MOODY'S ASSIGNS Baa3 RATING TO GUARANTEED SUBORDINATED NOTES OF KOMERCNI FINANCE B.V. Limassol, 04-28-98 -- Moody's Investors Service assigned a Baa3 rating to Komercni Finance B.V. for its guaranteed subordinated step-up notes issue due 2008. This rating is supported by the conditional guarantee of the notes, subject to subordination, by Komercni Finance's parent, Komercni banka a.s.
The ratings of Komercni banka a.s. (KB) reflect the likelihood of the Czech government's support, if required, and its strong position in the country's financial markets. The bank has approximately a 25% market share of both loans and deposits in the Czech Republic, and is especially strong in the corporate sector.

High level of problem loans
The Baa3 rating also reflects the parent's still very high level of classified loans, the likelihood of further transformation shake-out in the Czech Republic, and the prospect of keener competition in the large corporate sector. Loans classified as substandard, doubtful and loss comprised 28% of total customer loans, while 'watch' loans totalled another 10% of total loans at year-end 1997. The bank's loan reserve adequacy is highly dependent on estimated collateral values which may not be fully realisable.

State support would occur if needed
Komercni banca's rating outlook for debt and deposits is stable, given the high likelihood of state support in the event of need. The bank is important to the stability of the financial system, and the Czech National Property Fund is currently its largest shareholder. In the short-term, there is downward pressure on the bank's stand-alone, D+ financial strength rating, which excludes support considerations, because of continued high levels of non-standard loans and pressure on earnings.

Disappointing 1997 results
The bank reported a minimal net profit of CZK 1 billion for 1997 because of a large charge for loan loss provisions. Revaluations of real estate supporting loan collateral, Czech macro-economic adjustments resulting in high interest rates and decelerated GDP growth, and the Czech floods contributed to a high provision charge in 1997.

Privatisation should be beneficial
The government has approved a plan calling for full privatization of the bank, and an advisor has been appointed. In the long run, the bank's planned privatisation could have positive implications for its financial strength, especially if it is accomplished promptly and involves a strong strategic investor that can help accelerate the bank's development. Moreover, it is likely that the bank's high level of qualified loans, and its possible loan loss provision deficiency, would likely be addressed as a condition of full privatisation.
Komercni banka, a.s. with approximately CZK 476 billion (approximately US$13.7 billion) of assets at December 31, 1997 is headquartered in Prague.


No Related Data.
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