International rating agencies Moody's and Fitch - the information of thecompanies

/IRBIS, Sep.29, 00/ - As the Moscow office of the REUTERS informed on September 27, international rating agency Fitch assigned major unsecured rating of "BB-" to the Kazakhstani NOC KAZAKHOIL CJSC (Astana). More accurate information on this matter, as well as the information regarding the assignment of the rating by another agency are given in the Kazakhoil press- release distributed today. It is emphasized that for the first time NOC KAZAKHOIL received credit ratings from two leading rating agencies of the world - Moody's Investors Service and Fitch - at the country's sovereign level. Previously, country level rating was obtained by KEGOC OJSC only. Particularly, it is said that (beginning of the quote) "... rating agency Moody's Investors Service assigned NOC Kazakhoil issuer's rating of "B1" (the country rating - "B1"). The indicator is based on economic and strategic importance of the company for Kazakhstan as its representative in oil and gas sector. The agency Moody's believes that it is in long-term interests of the country to establish a strong national oil company, since hydrocarbons are the most important resources for the Kazakhstani economy by representing almost half of all the exports and more than third of industrial output. The ratings forecast is "positive". On the same day international rating agency Fitch assigned NOC Kazakhoil the credit rating of "BB-", which corresponds to the country's sovereign rating. The rating reflects positive sides of production activities and intentions of the government to support the company, whose 100% block of shares are owned by the government." (end of the quote). The press-release reads that NOC KAZAKHOIL is improving its financial ratios each year. It can be proved by the auditing of the Ernst & Young made during the last three years. Based on the opinion, given in the press-release, the assignment of the credit rating to NOC KAZAKHOIL reflects the aspirations of the national company to create the maximum transparency of its activities for the investors and the society. Coupon bonds of NOC KAZAKHOIL CJSC (KZ72LAG56A20, trade code - KZOLb) were entered into official list of the Exchange under category "A" on May 19, 2000. Issue volume is $25.0 mln, face value of the bonds - $100, coupon rate is 9% APR, payment frequency - semiannual, circulation term - 2 years.