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Rating Action:

Moody's assigns corporate family ratings to 5 finance companies in Kazakhstan, the Middle East, South Africa and Ukraine

08 Aug 2012

Limassol, August 08, 2012 -- Moody's Investors Service has today assigned corporate family ratings (CFRs) to five finance companies in Kazakhstan, the Middle East, South Africa and Ukraine. At the same time, Moody's has also lowered by one-notch the issuer ratings of two finance companies in the Middle East. The actions reflect the implementation of Moody's revised global rating methodology for Finance Companies, "Finance Company Global Rating Methodology", published on 19 March 2012, and is not driven by company-specific credit developments.

A list of all affected issuers and their ratings is included towards the end of this press release.

RATINGS RATIONALE

The assignment of the corporate family ratings (CFRs) follows the implementation of Moody's revised global rating methodology for finance companies, which stipulates the key operational, financial and environmental factors Moody's considers when rating these companies. The CFRs incorporate the affected finance companies' standalone credit profiles, as well as any parental or affiliate support.

In contrast to these finance companies' issuer ratings, which represent Moody's opinion of credit risk equivalent to the companies' senior unsecured debt obligations, the CFRs represent the rating agency's opinion of the companies' consolidated credit risk, equivalent to the weighted average of all debt classes within the companies' capital structure.

Using the CFR as a reference point, the methodology codifies Moody's framework for assigning ratings to the various classes of debt issued by non-investment-grade finance companies on the basis of expected differences in loss-given-default. This framework considers the proportionality, seniority and level of asset protection associated with various debt classes, both nominally and in relation to each other.

In the case of the three finance companies in Kazakhstan, South Africa and Ukraine, Moody's has assigned CFRs at the same level of the companies' issuer ratings. This reflects the predominance of senior unsecured obligations in the companies' debt structure, hence the similar seniority between the credit risk indicated by the issuer rating and by the CFRs.

However, in the case of the two Middle Eastern finance companies, the implementation of the revised methodology has led to a one-notch lowering of the issuer ratings and the assignment of CFRs one notch above those issuer ratings. This reflects the predominance of senior secured obligations in these companies' debt structures and hence the structural subordination in seniority between the issuer ratings, which indicate credit risk equivalent to senior unsecured obligations, and the CFRs, which captures this predominance.

WHAT COULD MOVE THE RATINGS UP/DOWN

A sustained improvement in the companies' financial fundamentals, specifically in their funding profiles, liquidity, leverage, profitability and asset quality, could exert upward pressure on the ratings. Conversely, a deterioration in the companies' financial fundamentals, owing to a weakening operating environment or company specific developments, could exert downwards pressure on the ratings.

LIST OF AFFECTED ISSUERS/RATINGS

The affected issuers are the following:

- Al Omaniya Financial Services SAOG: Corporate family ratings (CFRs) of Ba3 were assigned. As the company's total debt is predominantly made up of senior secured debt (>66.7%) according to the company's 2011 financial statements, the CFR indicates credit risk equivalent to senior secured debt. The issuer ratings assigned to Al Omaniya, which indicates the issuer's ability to repay senior unsecured obligations, were lowered by one notch to B1, from Ba3, to reflect structural subordination. The ratings carry a stable outlook.

- DBK Leasing: Corporate family ratings (CFRs) of Ba3 were assigned, taking into account the predominance of senior unsecured debt in the company's overall debt structure. The Ba3/NP issuer ratings have been affirmed. The ratings carry a negative outlook.

- Raiffeisen Leasing Aval: A long-term national scale corporate family rating of Aa2.ua was assigned, taking into account the predominance of senior unsecured debt in the company's overall debt structure. The Aa2.ua national scale issuer rating was affirmed.

- RCS Investment Holdings (Proprietary) Ltd: A long-term national scale corporate family rating of Baa1.za was assigned, taking into account the predominance of senior unsecured debt in the company's overall debt structure. The Baa1.za/P-2.za national scale issuer ratings have been affirmed. The ratings carry a stable outlook.

- Saudi Orix Leasing Company: Corporate family ratings (CFRs) of Ba1 were assigned. As the company's total debt is predominantly made up of senior secured debt (>66.7%) according to the company's 2011 financial statements, the CFR indicates credit risk equivalent to senior secured debt. The issuer ratings assigned to Saudi Orix, which indicate the issuer's ability to repay senior unsecured obligations, were lowered by one notch to Ba2/NP, from Ba1/NP, to reflect structural subordination. The ratings carry a stable outlook.

The principal methodology used in rating Al Omaniya Financial Services SAOG and Saudi Orix Leasing Company was Finance Company Global Rating Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The methodologies used in rating DBK Leasing, Raiffeisen Leasing Aval and RCS Investment Holdings (Proprietary) Ltd were Finance Company Global Rating Methodology published in March 2012, and Mapping Moody's National Scale Ratings to Global Scale Ratings published in March 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the ratings for Al Omaniya Financial Services SAOG, DBK Leasing, Raiffeisen Leasing Aval and RCS Investment Holdings (Proprietary) Ltd are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Information sources used to prepare the rating for Saudi Orix Leasing Company are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Christos Theofilou
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Kanika Business Centre
319 28th October Avenue
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Yves J Lemay
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Cyprus Ltd.
Kanika Business Centre
319 28th October Avenue
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns corporate family ratings to 5 finance companies in Kazakhstan, the Middle East, South Africa and Ukraine
No Related Data.
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