Fitch присвоило рейтинги Казахтелекому

/REUTERS, Лондон, 08.02.02/ - Международное рейтинговое агентство Fitch присвоило ОАО Казахтелеком основной обеспеченный рейтинг в национальной валюте "ВВ", основной необеспеченный рейтинг - "ВВ-". Fitch также присвоило Казахтелекому основной необеспеченный рейтинг в иностранной валюте на уровне "ВВ-" и краткосрочный рейтинг "В". Прогноз рейтингов стабильный. В сообщении агентства говорится, что присвоенные рейтинги отражают монопольную позицию Казахтелекома на телекоммуникационном рынке Казахстана. В четверг долгосрочный корпоративный кредитный рейтинг Казахтелекому присвоило международное рейтинговое агентство Standard & Poor's - "ВВ-". Ниже следует текст сообщения Fitch на английском языке из Лондона: (The following statement was released by the rating agency) LONDON, Feb 8 - Fitch Ratings has assigned OJSC Kazakhtelecom ("KazTel") a Senior Secured local currency rating of 'BB', a Senior Unsecured local currency rating of 'BB-' (BB minus), a Senior Unsecured foreign currency rating of 'BB-' (BB minus) and a Short-term rating of 'B'. The rating Outlook is Stable. The ratings reflect KazTel's position as the Republic of Kazakhstan's natural monopoly, incumbent provider of fixed-line telecommunications services. The company also holds minority stakes in two joint venture cellular companies operating in the country. As at 31 December 2000, Kazakhstan had a fixed-line penetration rate of 12.3% and the KazTel network had an installed capacity of 2.3 million lines,of which 1.8 million were being used. A high proportion of the unused lines are in rural locations. KazTel is 50% state owned, with Central Asian Industrial Investments, an affiliate of Kazkommertsbank, as the second largest shareholder (30% stake). The company is listed on the Kazakhstan and Frankfurt Stock Exchanges and its ADRs are traded on an over-the-counter basis in the USA. South Korea's Daewoo Corporation had become a strategic shareholder in 1997, acquiring a 40% stake in the company that was subsequently sold following the Korean financial crisis in 1997/1998. Government bodies, including the Ministry of Transport and Communication ("MoTC") and the Natural Monopoly Regulation Agency regulate the Kazakh telecommunications industry. KazTel holds an extendable, exclusive Public Telecommunications Network ("PTN") license until 2011 and is an exclusive operator of long-distance and international fixed-line services. Alternative operators are able to offer the full range of telecommunications services on their own private networks. However, the terms of KazTel's license prevent the MoTC from issuing telecommunications licenses that could harm its position. It also has a proprietary right of first refusal when the MoTC issues a new mobile communications license. At present KazTel's substantially regulated tariffs restrict the capacity of alternative operators to compete with the PTN operator on a national full-service provider basis. Despite this, there is some competition in the data and Internet markets, with satellite service providers having a notable position in the Caspian Sea region of western Kazakhstan, where many international oil companies have established operations. The MoTC and KazTel are working on a new development concept for the Kazakh telecommunications industry and a revised Telecommunications Law is likely in the foreseeable future. The government wishes to see further liberalisation of the sector as part of its efforts to meet its longer-term goal of the country becoming a member of the World Trade Organisation. KazTel can expect to be compensated if it agrees to surrender any of the terms of its license. As a former member republic of the Soviet Union, Kazakhstan inherited a dated network infrastructure that it is being replaced and upgraded. Following the challenges of the 1990s KazTel has achieved a growing revenue and EBITDA trend since 1998 and became net income positive again in 2000. The company publishes audited financial statements prepared in accordance with International Accounting Standards. While its revenues are overwhelmingly in tenge and its debts, denominated in US dollars or euros, are unhedged, the company has conservative policies with regard to capital structure and liquidity, which were met following the 1999 devaluation of the tenge. In an effort to simplify its capital structure the company made an exchange offer to swap preferred stock for USD- indexed tenge bonds in November and December 2001. In view of the large amount of secured debt in the balance sheet, it is felt that the relative position of unsecured creditors needs to be reflected by assigning those obligations a rating that is one notch lower than for the company's secured debts. The assignment of a stable outlook is based on a balance of factors including the favourable terms of KazTel's license, the uncertainties presented by ongoing market liberalisation and the level of network investment planned for the coming years. While there is no formal linkage between the sovereign ratings for the Republic of Kazakhstan and Kaztel, the development of the company's credit profile is likely to be substantially driven by macro-economic trends in the country. Kaztel's ratings reflect its conservative capital structure. Any significant changes to the company's financial policies or capital structure may result in a review of the ratings. ((London Capital Markets +44-20-7542 7658 fax +44-020-7542 5285, denise.manning@reuters.com))