Moody's присвоило рейтинг планируемым международным облигациям Республики Казахстан на уровне "Bаа3"

20.09.19, 15:44
/Moody's Investors Service, Сингапур, 19.09.19, перевод и заголовок KASE/ – Moody's Investors Service ("Moody's") присвоило рейтинг Baa3 предполагаемому выпуску приоритетных необеспеченных евронот правительства Республики Казахстан в рамках его мультивалютной программы среднесрочных нот на сумму 10 млрд. долларов США. Ноты будут ранжироваться на паритетных началах со всеми остальными текущими и будущими приоритетными необеспеченными внешними долговыми инструментами правительства Казахстана. Средства от размещения нот предназначаются для общих бюджетных целей. Рейтинг зеркально отображает долгосрочный рейтинг эмитента правительства Казахстана Baa3 с позитивным прогнозом. Ниже приводится оригинальный текст сообщения Moody's на английском языке. Moody's Investors Service ("Moody's") has assigned a rating of Baa3 to the proposed senior unsecured, euro-denominated notes to be issued by the Government of Kazakhstan under its multicurrency USD10 billion medium-term note programme. The notes will rank pari passu with all of the Government of Kazakhstan's current and future senior unsecured external debt. The proceeds of the notes are intended for general budgetary purposes. The rating mirrors the Government of Kazakhstan's long-term issuer rating of Baa3 with a positive outlook. RATINGS RATIONALE Kazakhstan's Baa3 rating is supported by a very low level of public debt, very high debt affordability, and sizeable fiscal reserves held in foreign-currency assets, which provide a significant buffer against external shocks. These credit strengths are balanced by the country's relatively limited economic diversification, low – albeit improving – institutional strength, ongoing banking sector fragilities and longer-term political transition risks. The outlook on Kazakhstan's rating is positive. The positive outlook reflects Moody's assessment that economic resilience in Kazakhstan is increasing, supported by robust growth prospects in both hydrocarbon and non-hydrocarbon sectors, and rising incomes. Prospects for further economic reforms, combined with prudent and effective management of fiscal buffers, indicate that Kazakhstan's credit metrics may strengthen further to be consistent with a higher rating. WHAT COULD MOVE THE RATING UP/DOWN The rating would likely be upgraded if ongoing and further reforms were to strengthen the institutional framework, policy credibility and effectiveness, and economic competitiveness beyond Moody's current expectations. In particular, reforms that materially advance economic diversification would enhance the economy's resilience to potential shocks. Moreover, a material reduction in banking sector risks, supported by prospects of a sustained improvement in banking system health, more effective credit intermediation, and enhancements to the sector's regulation and supervision would likely put upward pressure on the rating. The positive outlook signals that a rating downgrade is unlikely over the near term. The outlook would likely be changed to stable if the potential for a significant and long-lasting deterioration in Kazakhstan's economic and fiscal metrics were to become likely, possibly stemming from a large, negative oil price shock that the government were unable to cushion. Reemergence of domestic political risks, with a negative impact on the government's reform agenda and the business environment, would also likely put downward pressure on the rating. This credit rating and any associated review or outlook has been assigned on an anticipated/subsequent basis. Please see the most recent credit rating announcement posted on the issuer's page on www.moodys.com, under the research tab, for related economic statistics included in rating announcements published after June 3, 2013. This credit rating and any associated review or outlook has been assigned on an anticipated/subsequent basis. Please see the most recent credit rating announcement posted on the issuer's page on www.moodys.com, under the research tab, for related summary rating committee minutes included in rating announcements published after June 3, 2013. The principal methodology used in these ratings was Sovereign Bond Ratings published in November 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. REGULATORY DISCLOSURES For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. 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. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. * Полная версия пресс-релиза размещена на сайте Moody's. [2019-09-20]