Moody's присвоило рейтинг производителю соков RG Brands (Казахстан)

/REUTERS, 25.07.06/ - Международное рейтинговое агентство Moody's присвоило корпоративный кредитный рейтинг "B2" казахстанскому производителю и импортеру соков, газированной воды, молока и чая RG Brands, говорится в сообщении агентства. Прогноз рейтинга - "стабильный". Ниже приводится оригинальный текст сообщения Moody's. MOODY'S AFFIRMS B2 CORPORATE FAMILY RATING OF OJSC RG BRANDS; OUTLOOK STABLE London, 25 July 2006 - Moody's Investors Service today affirmed the B2 corporate family rating of OJSC RG Brands ("RG Brands" or "the company"). The outlook is stable. RG Brands is a leading manufacturer and importer of juices, carbonated soft drinks, milk and teas, with operations predominantly in the Republic of Kazakhstan. Since Moody's originally rated the company in December 2004, the company has grown profitability and benefited from strong market growth. The affirmation reflects primarily: i) the company's strong revenue growth in 2005, with revenues increasing by a very strong 34% to KZT 14.3bn (c. USD 122mn); ii) the company's strong and often growing market share in its key product ranges; iii) the success of its exclusive ten-year bottling agreement with PepsiCo Inc. since 2000, and the growing market share of Pepsi in Kazakhstan (number two behind Coca Cola); and finally iv) the overall growth of the Kazakh economy and disposable income in that country, which bode well for the company's future development. The main constraints to the rating, however, include: i) the overall speed of growth from a relatively small base, which will require management to continue to demonstrate solid controls and reporting mechanisms; ii) funds from operations which remained largely unchanged in 2005 versus a year earlier, which has been in part due to certain exogenous factors such as higher cash tax and interest charges; and iii) the need for management to ensure that the growth in working capital is funded efficiently, without a longer-term increase in leverage. Moody's notes that working capital requirements were financed by an increase in interest-bearing letters of credit to suppliers, which Moody's considers as debt-like in nature. Letters of credit increased from KZT 202mn in 2004 to KZT 2.7bn in 2005, while being partly offset by a decline in other trade payables. Moody's recognises that the growth in working capital requirements is commensurate with the company's strong top-line growth, but will monitor future financing requirements in conjunction with the company's overall financing capacity. The company's Adj. Total Debt (adjusted for leases and letters of credit)/EBITDA rose to 3.2x in 2005 from 2.6x in 2004, while Retained Cash Flow/Adj. Net Debt fell to 21.7% in 2005 from 30% in 2004. At year-end 2005, RG Brands reported KZT 153mn (c. USD 1.3mn) in cash and equivalents. At mid-year 2006, the company had access to USD 11.2mn in undrawn credit facilities, of which USD c.4.2mn was available only to finance letters of credit. The stable outlook reflects Moody's view that the company and its industry should benefit from strong growth for a number of years, which would be expected to translate into an improvement in operating cash flows barring unforeseen exogenous factors. The rating or outlook could be positively affected by stronger cash generation relative to debt levels, and notably an improved ability to fund growth through internal cash generation. The rating or outlook could face downward pressure if financial debt, including letters of credit, continues to rise without a corresponding increase in cash flows from operations. RG Brands, based in Almaty, Kazakhstan, is a leading manufacturer and importer of juices, carbonated soft drinks, milk and teas, with operations predominantly in the Republic of Kazakhstan. In 2005, the company reported revenues and profit from operations of KZT 14.3bn (c. USD 122mn) and KZT 1.35bn (c.USD 11.5mn), respectively. Frankfurt Michael West Managing Director Corporate Finance Group Moody's Deutschland GmbH Journalists: 44 20 7772 5456 Subscribers: 44 20 7772 5454 London Richard Morawetz Vice President - Senior Analyst Corporate Finance Group Moody's Investors Service Ltd. Journalists: 44 20 7772 5456 Subscribers: 44 20 7772 5454 [2006-07-26]