/IRBIS, May 15, 03/ - On May 8 of 2003 Kazkommerts Securities OJSC (Almaty,
hereinafter KKS) assigned "ВBВ+" credit rating with stable outlook to National
Company "Kazakhstan Temir Zholy" CJSC (NC KTZH CJSC), internal bonds -
"ВВВ", whose bonds are traded in Kazakhstan stock exchange's (KASE) official
"А" listing category, having estimated by it the company's ability to fit with
its financial liabilities.
According to the Report about rating assigning, which KKS has presented to
IRBIS agency on May 15 for publication, the estimate reflects "sufficient
ability to fulfill debt liabilities in proper time and in full volume, and
sensitiveness for unfavorable commercial, financial and economic conditions is
preserved".
Besides the issuer's rating, KKS has assigned ratings to bonds of NC KTZh CJSC
of the second issue (KZ2EUY03A368; KASE's code is TMJLb2; $100, $30.0 m;
July 10, 01 - July 10, 04; semi-annual coupon 8.0% APR) on the level of "ВВВ".
Rating of KTZh's bonds is based on the rating of the company's solvency and
successful redemption of the first bonds issue in full correspondence with
issue terms.
One can see the Report about ratings assigning in KASE's site
(
http://www.kase.kz/emitters/rt_kkb/tmjl_rt.pdf.).
Ratings scale, which is used by Kazkommerts Securities OJSC, is in great degree
analogous with the scale of Standard & Poor's. Group of ratings "А" (ААА, АА и
А) means high ability of issuer to fulfill financial obligations, group "В"
(ВВВ, ВВ and В) - sufficient ability in presence of sensibility for unfavorable
economic and financial conditions. Credit ratings of the group "С" (ССС, С and
С) mean that at present the company is in unfavorable situation, however still
fulfills its financial obligations. Credit rating "SD" means selective
non-fulfillment of separate types of financial obligations by the company, and
rating "D" - non-fulfillment of all financial obligations. The scale comprises
intermediate gradations ("+" and "-"), and also usage of ratings' outlook,
which, according to the words of officials of Kazkommerts Securities OJSC,
reflects possibility of ratings changing or their stability in nearest future.
Besides KTZh CJSC the following companies have been estimated by KKS:
- Karazhanbasmunai (Aktau) - "ВВ"/stable, bond rating - "ВВ-" (November
20, 02);
- Zhairemskiy OMPE OJSC (Zhairem, Karaganda oblast) - "В"/stable
(January 15, 03), bond rating - being examined;
- KazTransOil CJSC (Astana) - "А"/stable, rating of internal bonds of the first
issue - "А", euronotes with maturity in 2006 - "А-" (February 20, 03);
- Hurricane Hydrocarbons Ltd. (headquarters - Kalgari, Aiberta, Canada) -
"ВВВ"/negative, rating of euronotes with maturity in the year 2010 - "ВВВ-
"/stable (April 25, 03).
- HOP OJSC (Hurricane Oil Products, former SHNOS OJSC, Symkent) - rating
"ВВ+"/stable, to internal bonds with maturity in the year 2004 -
"ВВВ-"/stable.
[2003-05-15]