Fitch, Inc. has assigned NC KTZh CJSC main unsecured rating in foreign currency "ВВ+" with stable outlook

/IRBIS according to material of Fitch, Inc and translation from English of NC KTZh CJSC, January 13, 03/ - On December 27 of 2002 international rating agency Fitch, Inc. assigned national railroad transporter of Kazakhstan - National company Kazakhstan teir zholy CJSC (NC KTZh CJSC, Astana) - "ВВ+" main unsecured rating in foreign currency with stable outlook. Message of Fitch, which was presented to Kazakhstan stock exchange (KASE) says about it. At present at KASE bonds of this company of the second issue (KZ2EUY03A368; TMJLb2; $100, $30.0 m; July 10, 01 - July 10, 04, semi-annual coupon 8.0% APR) are traded under stock exchange's official "A" listing category. The agency's message says the rating, which has been assigned to NC KTZh CJSC, reflects mainly strategic importance of the company for its owner - Republic of Kazakhstan - as monopolistic national transporter. Despite the fact that the state, which is 100% owner of the company, does not give NC KTZh CJSC loans, which are guaranteed by the Government, anymore, importance of the company and its activity for the national economics, which was noted at meetings with official state officials, give Fitch grounds to assume that in case of necessity the state will give NC KTZh CJSC financial support. Besides, Fitch notes that the company's activity is profitable. According to results of fiscal year 2001 EBITDA USD equaled to 221.6 m and having totals debt equaling to $133 m in 2001 the company has low leverage (ratio of net debt to EBITDA is 0.5). Coefficient of interest payments covering equals to 39. According to the data, which IRBIS possesses, NC KTZh CJSC has from Standard & Poor's "ВВ" long-term credit rating on borrowings in domestic currency with "positive" outlook (rating was changed on October 7 of 2002); from Moody's Investors Service - indicative long-term "Ва2" with stable outlook (was upgraded from "В1" in August of 2001). [2003-01-13]