Fitch AccessBank-ın kredit reytinqini (IDR) BB+ səviyyəsində təsdiqlədi

Fitch Ratings AccessBank-ın kredit reytinqini BB+ səviyyəsində təsdiqləyib.

“Marja” xəbər verir ki, bu, Azərbaycanın suveren reytinqi ilə eyni səviyyədədir və AccessBank ölkənin bank sektorunda ən yüksək kredit reytinqinə malik maliyyə qurumu olmaqda davam edir.

Eyni zamanda, reytinq agentliyi Bankın dayanıqlıq reytinqini  “b+” səviyyəsindən “f” səviyyəsinə endirib. Buna səbəb rezervlərin əhəmiyyətli dərəcədə artırılmasıdır, bu addım isə, öz növbəsində bankın kapitalına təzyiq göstərir. 

Bankın kapital bazasını möhkəmləndirmək məqsədi ilə 2016-cı ilin dekabr ayında səhmdarlar kapitalın 20 milyon ABŞ dolları məbləğində (manat ekvivalentində) artmasını təsdiqlənib. Bu prosesin 2017-ci ilin 1-cü rübünün sonuna qədər həyata keçirilməsi planlaşdırılır.

“BU BANKIN MÖHKƏM MÖVQEYİNİ VƏ YÜKSƏK SABİTLİYİNİ ƏKS ETDİRİR”

 AccessBank-ın İdarə Heyətinin Sədri Michael Hoffmann bu reytinqi şərh edərək deyib:

“Biz IDR reytinqinin suveren BB+ səviyyəsində təsdiqlənməsini alqışlayırıq. Bu, Bankın möhkəm mövqeyini və yüksək sabitliyini əks etdirir. Hazırki çətinliklərin öhdəsindən birgə gəlmək üçün biz müştərilərimizi fəal şəkildə dəstəkləyirik. Eyni zamanda, biz kreditləşməyə məsuliyyətlə yanaşaraq hər seqmentdə olan müştərilərimizi milli valyutada maliyyələşdiririk. Bankın nüfuzlu səhmdarları və onların güclü dəstəyi hazırki şəraitdə bizim ən güclü cəhətlərimizdən biridir”.   

AccessBank 2002-ci ildə Qara Dəniz Ticarət və İnkişaf Bankı, Avropa Yenidənqurma və İnkişaf Bankı, Beynəlxalq Maliyyə Korporasiyası, KfW, LFS Financial Systems GmbH adlı Alman konsaltinq şirkəti və AccessHoldinq tərəfindən yaradılıb. Azərbaycanın aparıcı banklarından biri olan AccessBank tam çeşidli bank xidmətləri təqdim edir və ölkə üzrə geniş filiallar şəbəkəsinə malikdir.

Fitch Ratings has downgraded Azerbaijan-based AccessBank's Viability Rating (VR) to 'f' from 'b+'. At the same time the agency has affirmed the bank's Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook on the Long-Term IDR is Negative. A full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS 

VR
The downgrade of AccessBank's VR to 'f' reflects Fitch's view that the bank has failed, as reflected by a material capital shortfall. The agency believes the bank has become dependent on regulatory forbearance as it is in significant non-compliance with regulatory capital adequacy rules and requires extraordinary external capital support to restore its solvency.

Based on the bank's end-2016 regulatory accounts, Tier 1 and total capital ratios had fallen to just 1.7% and 3.4%, respectively, down from 10% and 16% at end-1H16. AccessBank made a loss in 2016 equal to 93% of its end-2015 Tier 1 regulatory capital, mostly due to substantial AZN145m impairment charges (equal to 18% of average loans; of this, AZN70m was posted in 2H16). 

Fitch estimates AccessBank's Fitch Core Capital (FCC) at 5.4% of Basel risk-weighted assets (RWAs) at end-2016 (down a from comfortable 16% at end-1H16); this ratio is moderately higher than regulatory metrics mainly due to lower weightings of secured performing loans in Basel RWAs (50% versus 100% in regulatory rules).

AccessBank's non-performing loans (NPLs; loans 90 days overdue) were a high 27% of gross loans at end-2016 (up from 22% at end-1H16 and 5% at end-2015). Reserve coverage of NPLs in preliminary IFRS accounts was above 80%, but additional downside asset quality risks stem from a large amount of recently restructured foreign-currency loans (around 50% of the total portfolio); these are of uncertain credit quality, particularly in light of the further devaluation of the local currency by 18% between September 2016 and January 2017.

According to management, in December 2016 AccessBank's shareholders have decided to inject USD20m (AZN35m equivalent) of equity on a pro rata basis, which management expects to be completed in 1Q17. International Finance Corporation (IFC) plans to participate via conversion of a part of its USD25m subordinated debt, while three other international financial institution (IFI) shareholders intend to convert their senior debt. According to management, the shareholders are considering contributing an additional equity injection as a second stage of recapitalisation, although the decision on its amount and timing has not yet been taken. The conversion of shareholder senior debt into equity does not result in AccessBank's IDRs being downgraded to default level as Fitch's bank IDRs relate to the risk of non-performance on third-party, rather than related-party, obligations.

Fitch expects that the planned USD20m injection will be sufficient to make the bank compliant with prudential requirements: adjusting for this and 8% depreciation of the manat in January 2017, the end-2016 regulatory tier 1 and FCC ratios would rise to 6% (above the regulatory minimum of 5%) and 11%, respectively. However, sizable unreserved NPLs of AZN58m (equal to 0.9x post-injection FCC) and the above-mentioned restructured loans of AZN312m (about 5x) will remain a drag on AccessBank's capital position and may require additional provisioning in 2017. The bank's core pre-impairment profit of AZN34m in 2016 regulatory accounts was equal to 4% of average gross loans, but adjusting for AZN46m of accrued interest not received in cash pre-impairment profit would have been negative.

AccessBank's funding profile has been stable. At end-2016, the bank's wholesale funding maturing within 12 months was equal to around 25% of total liabilities, but the available liquidity buffer was equal to a high 96% of this. Refinancing risks are further reduced by AccessBank's access to funding from shareholders and other IFIs.

IDRS AND SUPPORT RATING

The affirmation of AccessBank's Long-Term IDR at 'BB+' and Support Rating at '3' reflects Fitch's view that the bank's IFI shareholders continue to have a strong propensity to provide support, notwithstanding the bank's recent losses. The European Bank for Reconstruction and Development (AAA/Stable), KfW (AAA/Stable), IFC and the Black Sea Trade and Development Bank each hold a direct 20% stake in AccessBank.

Fitch's view on support is based on the IFIs' strategic commitment to microfinance lending in emerging markets and the IFIs' direct ownership of AccessBank, stemming from their participation as founding shareholders. This is additionally supported by the shareholder's intention to inject equity in 1Q17 to restore AccessBank's capital position.

However, the bank's ability to receive and utilise potential support could be restricted by transfer and convertibility risks, as reflected in Azerbaijan's Country Ceiling of 'BB+'. The Negative Outlook on AccessBank's IDR reflects that on the sovereign.

RATING SENSITIVITIES
IDRS AND SR

AccessBank's IDR will be downgraded in case of a sovereign downgrade and downward revision of the Country Ceiling. Conversely, a revision of the Outlook on the sovereign to Stable may result in a similar action on the bank.

Downside risks for AccessBank's IDRs and Support Rating could also stem from a weakening of the support propensity of the IFI shareholders, for example, if they intend to divest their stakes in the bank or if there are material delays in capital support.

VR
Fitch will review AccessBank's VR once the announced recapitalisation measures have been completed and audited IFRS accounts for 2016 are available. The level of the post-recapitalisation VR will depend primarily on prospects for the bank's asset quality and performance, given the large volume of restructured loans and risks to pre-impairment profitability.

The rating actions are as follows: 

AccessBank

Long-Term IDR: affirmed at 'BB+'; Outlook Negative
Short-Term IDR: affirmed at 'B'
Viability Rating: downgraded to 'f' from 'b+'
Support Rating: affirmed at '3'