Fitch повысил прогноз рейтингов Казахтелекома до "позитивного"

/REUTERS, 31.05.06/ - Международное рейтинговое агентство Fitch повысило прогноз рейтингов Казахтелекома (Казтел) до "позитивного" со "стабильного". Агентство подтвердило рейтинг эмитента компании в иностранной и местной валюте на уровне "BB", краткосрочный рейтинг подтвержден на уровне "B". Позитивный прогноз отражает продолжающийся рост прибыли, выгодную позицию из-за медленной либерализации рынка и вхождение в мобильный бизнес после поглощения Mobile Telecom Services (MTS). Правительство Казахстана контролирует 56 процентов акций Казахтелекома, который, в свою очередь, владеет 49 процентами крупнейшего в стране мобильного оператора GSM Казахстан. Ниже приводится оригинальный текст сообщения Fitch. FITCH REVISES KAZAKHTELECOM'S OUTLOOK TO POSITIVE Fitch Ratings-London/Moscow-31 May 2006: Fitch Ratings has today changed JSC Kazakhtelecom's ("Kaztel") Outlook to Positive from Stable. Its foreign and local currency Issuer Default Ratings ("IDR") are affirmed at 'BB'. The Short-term foreign currency rating is also affirmed at 'B'. The Positive Outlook reflects Kaztel's sustained profitable growth, continued limited competition thanks to slow market deregulation and its entry into the mobile business in Kazakhstan, using GSM technology, via its acquisition of Mobile Telecom Services ("MTS"). "Its recent acquisitions will raise the adjusted net debt to EBITDA up to more than 1.4x and Kaztel will have to finance the build-out of a mobile network," says Frederic Beaumelou, Associate Director in Fitch's TMT team. "Nevertheless, the highly profitable mobile telecommunications sector still provides scope for significant growth as penetration stands at only 35% versus 64% in Ukraine and 87% in Russia." Since 2001, revenues of the fixed-line incumbent operator have doubled to KZT99.6 billion (USD755 million) while EBITDA margin has remained broadly stable at almost 40%. Although Kaztel has incurred additional debt to finance its ambitious capital spending programme, the sharp increase in profitability has lowered net adjusted leverage to 0.75x at end-2005 from 1.2x in 2002. Its near-monopoly on fixed-line infrastructure and the limited deregulation have enabled the incumbent operator to reap the benefits from rising traffic volumes, while maintaining very high, albeit slightly decreasing, tariffs. Since 2006, conditions governing domestic operators' connections have been relaxed to allow more competition. However, the lack of alternative infrastructure still protects most of Kaztel's revenue sources. Reflecting Kaztel's position of a dominant fixed-line provider, its pricing on the long distance and wholesale segments counterbalances the uneconomical provision of cheap telephony access to individuals and in rural areas. Given Kaztel's fulfilment of these social considerations, Fitch expects that market deregulation and tariff reduction should remain limited and should be offset by ongoing traffic growth and new connections. Kaztel is in the process of acquiring additional controlling shares in two of its affiliates, Altel, a niche CDMA provider and Nursat, a provider of IP-based services and the entire share capital of MTS, all for USD220m. Kaztel has obtained a legal opinion stipulating the provision of GSM services under the mobile licence. In preparation for GSM network build-out, Kaztel may consider selling its 49% stake in GSM Kazakhstan, the leading mobile operator. The trigger for an upgrade would be evidence that the GSM network deployment does not result in the net financial leverage to materially diverge from the pro- forma post acquisitions level of 1.5x. The stabilisation of leverage at this level could be achieved through continuing profitable growth from its fixed-line operations and the disposal of its 49% stake in GSM Kazakhstan. Contacts: Nikolai Lukashevich, Moscow, Tel: +7 495 956 9968; Frederic Beaumelou, London, +44 (0)20 7417 4266. Media Relations: Alex Clelland, London, Tel: +44 20 7862 4084; Alla Izmailova, Moscow, Tel: +7 495 956 9903. [2006-05-31]