Beynəlxalq reytinq agentliyi "Fitch Ratings", Azərbaycanda fəaliyyət göstərən "Accessbank"ın Uzunmüddətli Emitent Defoltu Reytinqini "BB-" səviyyəsindən "C" səviyyəsinə endirib.

"Marja" Agentliyin yaydığı məlumata istinadən xəbər verir ki, Bankın Dayanıqlıq Reytinqi (Viability Rating (VR)) "f" səviyyəsində təsdiq edilmişdir.

Reytiniqin "C" səviyyəsinə endirilməsi, Bankın xarici kreditorları ilə saziş bağlayaraq xarici borcun əsas məbləğinin ödənilməsinin təxirə salınmasını əks etdirir. Bankın İdarə Heyətindən verilən məlumata görə, ödənişlərin təxirə salınması kreditorlarla əvvəlcədən razılaşdırılıb. 

BANKIN BORCU NİZAMNAMƏ KAPİTALINA ÇEVRİLƏCƏK 

Agentliyin məlumatında qeyd edilib ki, "AccessBank"ın səhmdarları və kreditorları nizamanmə kapitalının 140 milyon manat artırlması planını razılaşdırıblar. Artım, əsasən borcların kapitala konvertasiya edilməsi yolu ilə həyata keçiriləcəkdir. Beləliklə, digər bir sıra Azərbaycan bankı kimi "AccessBank" da aldığı kreditin yerinə səhmlərini verərək borcdan xilas olacaqdır.

Bankın İdarə heyəti hesab edir ki, nizamnamə kapitalının artırılması 2018-ci ildə və ya ən geci 2019-cu ilin 1-ci rübündə başa çatacaqdır.

Fitch Downgrades AccessBank's IDRs to 'C', Affirms VR at 'f'

Fitch Ratings has downgraded Azerbaijan-based AccessBank's (AB) Long-Term Issuer Default Rating (IDR) to 'C' from 'BB-' following the bank's standstill arrangement with its foreign creditors. The Viability Rating (VR) has been affirmed at 'f'. A full list of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS IDRS AND SUPPORT RATING 

The downgrade of AB's IDRs to 'C' reflects the fact that the bank has entered into a standstill arrangement with its foreign creditors, whereby it has ceased paying principal amounts on its foreign debt, including to senior creditors, until the bank's recapitalisation is complete. According to management, the cessation of payments was agreed in advance with creditors. AB remains current on its other liabilities, including customer deposits. 

The standstill arrangement was entered into in connection with AB's required recapitalisation and not because of any liquidity squeeze, as the bank has sufficient funds to make senior debt repayments. AB's shareholders and lenders have provisionally agreed a recapitalisation plan that would result in a AZN140 million equity increase. This would be achieved by full conversion of the bank's subordinated debt and partial conversion of its senior debt into equity, as well as some senior debt forgiveness. 

Management expects the recapitalisation to be completed by end-2018 or in 1Q19, and the bank is currently engaged in negotiations with its lenders, shareholders and Azerbaijan's Financial Markets Supervision Authority on the parameters of the capital injection. 

The downgrade of the Support Rating to '5' from '3' reflects the fact that the bank did not receive sufficient support from its shareholders to avoid imposing losses on its third-party senior creditors. 

VR 

The affirmation of AB's VR at 'f' reflects the bank's material capital shortfall. At end-2017, we estimate AB's Fitch Core Capital (FCC) was a low 2% of Basel I risk-weighted assets. The regulatory Tier 1 and total capital ratios were 2% and 4% at end-1H18, below the minimum levels of 5% and 10%, respectively, and therefore the bank is currently reliant on regulatory forbearance. Fitch estimates that post-recapitalisation (and after creation of additional loan loss allowances) AB's Tier 1 and total capital adequacy ratios will increase to above 7% and 12%, respectively, although the FCC ratio is likely to remain below 5%.

Non-performing loans (NPLs; loans overdue by more than 90 days) amounted to a high 28% of gross loans at end-2016 with reserve coverage of only 66%. Fitch understands there were no significant changes in NPL and coverage ratios in 2017 and 1H18, and the bank expects to create additional reserves after the recapitalisation.

Profitability remains weak, with the bank being loss making on a pre-impairment basis due to loan contraction, tighter margins and expensive open currency position hedging. Earnings generating capacity is even lower on a cash basis taking into account that 19% of interest income was not received in cash in 2017 (36% in 2016). Lower loan impairment charges of 0.6% of gross loans in 1H18 and 2.4% in 2017, compared with 18% in 2016, reflect the bank's limited ability to create loss allowances (weak capital position and negative pre-impairment profit). 

AB's funding and liquidity profile has been reasonably stable, notwithstanding the bank's recapitalisation requirements, but remains sensitive to market sentiment, in our view. The bank is mainly customer funded with customer accounts equal to 62% of liabilities, while senior debt amounted to an additional 27% and subordinated debt added 8%. AB's liquidity buffer currently appears reasonable, covering 21% of the bank's liabilities (net of those which are planned to be converted into equity or written-off) at end-1H18.

 

RATING SENSITIVITIES

Fitch will likely downgrade AB's IDRs to 'RD' (Restricted Default) when its third-party senior debt is partially converted into equity and write-off.

Fitch expects to review the bank's VR and IDRs once the recapitalisation is complete and sufficient information is available on the bank's post-restructuring credit profile.

The rating actions are as follows: 

Long-Term IDR: downgraded to 'C' from 'BB-'
Short-Term IDR: downgraded to 'C' from 'B'
Viability Rating: affirmed at 'f'
Support Rating: downgraded to '5' from '3'