Rating agency Expert RA Kazakhstan affirms ratings of PAVLODARENERGO (Kazakhstan) and its bonds KZ2C0Y10С606 (KZ2C00001501, PDENb1)
23.08.12 16:27
/LLP "Rating agency "Expert RA Kazakhstan", heading by KASE, August 23, 12/
- Rating agency "Expert RA Kazakhstan" has affirmed the creditworthiness of
JSC "PAVLODARENERGO" at level А+ (very high level of creditworthiness)
and reliability rating of the first issue of bonds (NIN - KZ2C0Y10С606) at level
А+ (very high level of reliability).
Amongst main factors having influenced the company rating, there is notably the
lasting growth of assets under the implementation of the long-term program of
overhaul and modernization of fixed assets based on an agreement with the
Ministry of Industry and New Technologies of the Republic of Kazakhstan by
30.31% and capital by 39.52% in the period from December 31, 2010 to March
31, 2012. High profitability ratios (2011: ROA-5.71%, ROE-9.53%; 2010: ROA-
5.31%, ROE-9.04%) and liquidity (absolute liquidity ratio - 0.65, ratio of
emergency liquidity - 2.68 and ratio of current liquidity - 3.04 based on Y2012 Q1
results) contributes to maintaining the rating at a high level.
"A fact important for the company is the presence of the European Bank for
Reconstruction and Development (EBRD) and Islamic Infrastructure Fund
amongst the owners, enabled by participation in the parent company JSC
"Central-Asian Power Energy Corporation " (CAPEC). Currently, EBRD provides
to the company long-term loans on beneficial conditions for implementation of
long-term investment programs aimed at building of an advanced energy
company complying with international standards in the field of production,
ecology, health protection and social sphere", - points out expert of Rating
agency "Expert RA Kazakhstan" Zhanadiar Raisova.
Main factors restricting the rating level are the high indebtedness of the Company
(ratio of debt volume based on Y2012 Q1 results to the gross income for 2011 -
1.96) and high concentration of debt upon one funding source (the main part of
the debt falls on bonds (51%)).
Bonds of the Company (NIN - KZ2C0Y10C606; issue volume - KZT8 bn, face
value - KZT100, floating coupon rate, depending upon inflation, maturing in 2017)
are included in the official list of the special trading floor of RFCA since
December 14, 2007. Currently the total face value of bonds outstanding makes up
KZT7.9 bn.
The Company's main activities include production, transmittance and distribution
of electric and heating energy in the city of Pavlodar and Pavlodar region.
Production capacities are placed in the cities of Pavlodar and Ekibsatuz. Based on
Y2011 results, the assets were estimated at KZT63.6 bn, equity - 39.2 bn, revenue
- 25.9 bn and net income - 3.3 bn.
Press service of "Expert RA Kazakhstan"
Assel Omarova
tel. +7 (727) 344-12-12 ext. 4820
mobile +7 707 117 00 96
E-mail: omarova@raexpert.kz
[2012-08-23]