Moody's может повысить рейтинг Страховой госкорпорации Казахстана

/REUTERS, перевод Владимира Кузнецова, 12.07.06/ - Международное рейтинговое агентство Moody's Investors Service включило в среду рейтинг финансовой устойчивости "Ва1" казахстанской Государственная страховой корпорации по страхованию экспортных кредитов и инвестиций в список на возможное повышение. Госкорпорация на 100 процентов принадлежит правительству Казахстана. Ее капитал на конец 2005 года составлял 8,793 миллиарда тенге, активы - 9,038 миллиарда, чистая прибыль - 205,5 миллиона. Ниже приводится оригинальный текст сообщения Moody's. MOODY'S REVIEWS KECIC'S Ba1 INSURANCE FINANCIAL STRENGTH RATING FOR POSSIBLE UPGRADE London, 12 July 2006 - Moody's Investors Service announced today that it had placed the insurance financial strength rating of the State Insurance Corporation for the Insurance of Export Credit and Investment of Kazakhstan (Kecic), currently Ba1, on review for possible upgrade. Headquartered in Almaty, Kazakhstan, Kecic was founded in August 2003 and started operations in February 2004. It is 100% owned by the Republic of Kazakhstan and is mandated to be the primary provider of export credit insurance in the country, both commercial and political. In addition, Kecic is writing inward reinsurance business in the Kazakh market. A number of recent developments have put upward pressure on Kecic's rating, in Moody's view. On 9 June 2006, the foreign currency bond rating of the Government of Kazakhstan was upgraded by Moody's from Baa3 to Baa2, thus improving the quality of both Kecic's asset base and support by the owner. Furthermore, Kecic's growth plans for the inward reinsurance business have crystallized, and management now expects that gross premiums written in this business will grow from KZT125.9 million in 2005 to KZT185 million in 2008, a fairly moderate growth rate. The review process will focus on ascertaining continued commitment of the Government of Kazakhstan to Kecic, as well as the company's growth plans in its two main lines of business, credit insurance and inward reinsurance, as well as the prospective asset allocation strategy. It is Moody's expectation that at the conclusion of the review Kecic's insurance financial strength rating will be upgraded by one notch or more. In accordance with Moody's GRI (Government Related Issuer) rating methodology, the current rating of Kecic reflects a combination of the following inputs: (i) Baseline credit assessment of 11 (on a scale of 1 to 21, where 1 represents the lowest credit risk), (ii) 100% dependence, reflecting the company's operating and financial proximity to the government (iii) 20% support, reflecting the importance of Kecic in its capacity as Export Credit Agency (ECA), somewhat offset by its status as an underwriter of inwards reinsurance business which is associated with more limited support from the Government. The date of the preceding rating action was 4 November 2004, when Kecic's insurance financial strength rating was initially assigned with a stable outlook. Kecic had shareholders equity of KZT8,792.8 million and Total Assets of KZT9,038.4 million as of 31 December 2005. For FY 2005, it reported net income of KZT205.5 million. The following rating was placed on review for possible upgrade: The State Insurance Corporation for the Insurance of Export Credit and Investment of Kazakhstan (Kecic) - Ba1 insurance financial strength rating London Simon Harris Managing Director Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 London Timour Boudkeev VP - Senior Credit Officer Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2006-07-12]