/Moody's Investors Service, Лондон, 21.08.13, KASE аудармасы және
тақырыптамасы/ Moody's Investors Service халықаралық рейтинг агенттігі
Қазақстандағы мұнай-газ секторында жұмыс істейтін өзінің корпоративтік
ұйымдарының рейтингін "тұрақты" деңгейінен "позитивті" деңгейіне өзгертті,
оның ішінде "ҚазМұнайГаз" АҚ, "ҚазМұнайГаз" Барлау өндіру" АҚ,
KazMunaiGaz Finance Sub BV,"КазТрансОйл" АҚ, "КазТрансГаз" АҚ,
"Интергаз Орталық Азия" АҚ және "Интергаз Finance BV". Moody's, сондай-
ақ "Қазақстан темір жолы" АҚ ұлттық компаниясының "Baa3" рейтингі
бойынша болжамды "тұрақты" деңгейінен "позитивті" деңгейіне өзгертті.
Төменде Moody's хабарламасының түпнұқса мәтіні ағылшын тілінде
берілген.
London, 21 August 2013 – Moody's Investors Service has today changed to
positive from stable the outlook on the Baa3 ratings of seven corporate
government-related issuers (GRIs) operating in the oil and gas sector, namely:
KazMunayGas NC JSC (KMG) and its subsidiaries Kazmunaigas Exploration &
Production (KMG EP), KazMunaiGaz Finance Sub B.V., JSC KazTransOil
(KTO), JSC KazTransGas (KTG), Intergas Central Asia (ICA), and Intergas
Finance B.V. Moody's has also changed to positive from stable the outlook on
the Baa3 rating of the country's railway transportation company JSC National
Company Kazakhstan Temir Zholy (KTZ), Kazakhstan Temir Zholy Finance B.V.,
and on the Ba1 corporate family rating (CFR) and Ba1-PD probability of default
rating (PDR) ratings of its fully owned subsidiary JSC Kaztemirtrans (KTT).
Concurrently, Moody's affirmed these ratings.
The outlook on the Baa3 ratings of JSC Kazatomprom and Kazakhstan Electricity
Grid Operating Company (KEGOC) remained unchanged at stable.
The rating actions follow Moody's revision of the outlook for Kazakhstan's
sovereign ratings to positive from stable on 16 August 2013. For more details on
the sovereign action, please see Moody's press release at
https://www.moodys.com/research/Moodys-changes-outlook-on-Kazakhstans-Baa2-rating-to-positive-from--PR_280158
RATINGS RATIONALE
The action reflects Moody's view that the affected companies have strong
linkages with the government and would benefit from the government's
strengthening ability to provide support in the event of financial distress.
Moody's notes that one of the factors positively affecting the government's
rating, namely the favourable GDP growth outlook for Kazakhstan, driven by
enhanced hydrocarbons production, is also likely to promote improvements in the
affected companies' business profiles.
The rating agency also believes that the government's financial strength, driven
by, inter alia, an increase in the National Oil Fund's assets and a reduction of
external debt, alleviates the risk of government's interference and potentially
excessive demands on the GRIs' financial flexibility.
RATIONALE FOR STABLE OUTLOOK ON Baa3 RATINGS OF JSC
KAZATOMPROM AND KEGOC
The outlook on the Baa3 ratings of JSC Kazatomprom remains stable given the
low correlation between the company's and the government's ratings. The
outlook on the Baa3 rating of Kazakhstan Electricity Grid Operating Company
(KEGOC) remains stable primarily due to its relatively low baseline credit
assessment (BCA).
WHAT COULD CHANGE THE RATINGS UP/DOWN
Given the high support assumption embedded in the ratings of Kazmunaygas NC
and its subsidiaries, as well as KTZ, the ratings and outlook of these issuers
are likely to move in line with the sovereign rating, subject to other
components of the ratings remaining unchanged (such as BCAs, support and
dependence assumptions).
Moody's assumption of strong state support for KTT is based on the rating
agency's expectation that the state support would be provided to KTT indirectly,
i.e. by the company's parent, KTZ. Nevertheless, given that KTT is an integral
part of KTZ, its ratings are likely to follow that of KTZ, provided there are no
material changes in KTT's ownership structure and its role within the KTZ
group.
A reduction in Moody's assessment of government support for the companies, or
a weakening of their BCAs, could trigger downward pressure on their ratings.
PRINCIPAL METHODOLOGIES
The principal methodology used in rating KazMunayGas NC JSC and
KazMunaiGaz Finance Sub B.V. was Global Integrated Oil & Gas Industry
published in November 2009. The principal methodology used in rating
Kazmunaigas Exploration & Production was Global Independent Exploration and
Production Industry published in December 2011. The principal methodology
used in rating JSC KazTransOil was Global Midstream Energy published in
December 2010. The principal methodology used in rating JSC KazTransGas ,
Intergas Central Asia, and Intergas Finance B.V. was Natural Gas Pipelines
published in November 2012. The principal methodology used in rating
Kazakhstan Temir Zholy (KTZ), Kazakhstan Temir Zholy Finance B.V., and
Kaztemirtrans, JSC was Global Surface Transportation and Logistics Companies
published in April 2013. Other methodologies used include the Government-
Related Issuers: Methodology Update published in July 2010. Please see the
Credit Policy page on www.moodys.com for a copy of these methodologies.
Headquartered in Astana, Kazakhstan, KMG is Kazakhstan's national oil and gas
company. KMG is fully owned by the Sovereign Wealth Fund Samruk-Kazyna
and is mandated by the state to protect its interests in the oil & gas sector.
In 2012, KMG reported revenue of approximately $19.8 billion and EBITDA of $6.6
billion.
KMG EP is 65% owned by KMG. It is Kazakhstan's second-largest oil-producing
company, headquartered in Astana. The company operates two major producing
assets, Uzenmunaigas and Embamunaigas. In addition, KMG EP holds a 50%
stake in both JV Kazgermunai LLP and CITIC Canada Petroleum Limited's main
asset, Karazhanbasmunai, as well as a 33% stake in PetroKazakhstan Inc. In
2012, KMG EP reported revenue of approximately $5.3 billion and EBITDA of
$2.6 billion.
KTO, a subsidiary of KMG, is a monopoly operator of the state oil and water
pipeline infrastructure in Kazakhstan. KTO accounts for transportation of more
than 60% of oil produced in Kazakhstan. In 2012, KTO reported revenue of
approximately $959 million, and EBITDA of $478 million. Following an IPO held
in December 2012, 10% of KTO is in free float at the Kazakhstan Stock
Exchange (KASE).
KTG, a 100% subsidiary of KMG, is a holding company mainly engaged in the
transportation, sale, exploration and production of natural gas within
Kazakhstan. Via its main subsidiary ICA, KTG exports Central Asian gas to OJSC
Gazprom (Gazprom, Baa1 stable) and ultimately to Europe and maintains transit
of Russian gas via Orenburg-Novopskov pipeline on its Kazakhstan sector. In
2012, KTG reported revenue of approximately $1.75 billion, EBITDA of $455
million and negative free cash flow (FCF) of $231 million.
ICA is the main gas transmission company in Kazakhstan and operates a
network of high pressure gas pipelines in the country. ICA is wholly owned by
KTG, it is a natural monopoly and has political significance beyond its domestic
importance because it fully controls the transit of Central Asian gas to Gazprom
and, ultimately, to Europe. In 2012, ICA reported revenue of approximately $656
million and EBITDA of $262 million.
Headquartered in Astana, Kazakhstan, KTZ is the 100% state-controlled
vertically integrated rail group operating the national rail network of the
Republic of Kazakhstan. The sole shareholder of KTZ is the state, represented
by JSC National Welfare Fund SamrukKazyna. KTZ is the monopoly provider of rail
infrastructure services and has the leading position in the railway
transportation market in Kazakhstan, with 155,131 employees in 2012. In 2012,
the group generated revenue of around $5.3 billion, 86% of which was provided
by freight transportation services.
Headquartered in Astana, KTT is a 100% owned subsidiary of KTZ, which is, in
turn, the 100% state-controlled vertically integrated rail group operating the
national rail network of the Republic of Kazakhstan. KTT is the owner and
operator of the largest freight railcar fleet in Kazakhstan. KTZ intends to
transfer the national freight carrier function to KTT by 2014. As part of the
people's IPO initiative, the state, via KTZ, may privatise a 5%-10% stake in
KTT in 2014. However, it expects to retain a controlling stake in the company
in the longer term. KTT continues to benefit from state support as the company
forms an integral part of the KTZ group.
Headquartered in Astana, Kazakhstan, KEGOC is the 100% state-controlled
regulated natural monopoly business, which owns and operates the national
electricity transmission grid of the Republic of Kazakhstan. KEGOC's 2012
revenues amounted to KZT65.9 billion ($448.4 million).
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this
announcement provides certain regulatory disclosures in relation to each rating
of a subsequently issued bond or note of the same series or category/class of
debt 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 rating action on the support provider and in relation to each
particular 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 rating action, and whose ratings may
change as a result of this 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.
The below contact information is provided for information purposes only. Please
see the ratings tab of the issuer page at www.moodys.com, for each of the
ratings covered, Moody's disclosures on the lead analyst and the Moody's legal
entity that has issued the ratings.
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.
[2013-08-22]