Fitch повысило долгосрочный рейтинг Алма-Аты до "BB+" с "BB"

/REUTERS, 08.08.06/ - Международное рейтинговое агентство Fitch повысило долгосрочный рейтинг бывшей столицы, крупнейшего города и финансового центра Казахстана Алма-Аты до "BB+" с "BB", подтвердило краткосрочный на уровне "B". Прогноз после изменения - стабильный. Повышение отражает позитивное влияние растущей и диверсифицированной местной экономики на бюджет города. Ниже приводится оригинальный текст сообщения агентства Fitch Ratings. FITCH UPGRADES CITY OF ALMATY TO 'BB+'; OUTLOOK STABLE Fitch Ratings-London/Moscow/Barcelona-08 August 2006: Fitch Ratings has today upgraded the Kazakhstan City of Almaty's Long-term rating to 'BB+' from BB' and affirmed the Short-term rating at 'B'. Following the upgrade, the Outlook is now Stable. The upgrade reflects the positive impact that the growing and diversified local economy has had and will continue to have on the city's budget. Taxes contributed 83% of the city's operating income in 2005. The local economy is dominated by the service sector at 85% of gross city product in 2005. Almaty is home to the national financial sector with many domestic and foreign commercial banks, the National Bank of Kazakhstan and the country's only stock exchange located in the city. The city recorded a high level of capital expenditure in 2005, at 23.8% of total spending, up from 7.2% in 2000. A significant proportion of the capital investment (more than 30%) has been financed by Almaty's capital revenues over the last two years. The share of capital revenue in total revenue has grown to 8.4% in 2005 from under 1% in 2000. The debt burden is low, reaching only 6.3% of the current revenue in 2005 while the debt servicing declined to 1.3% of current revenue in 2005 from 6.3% in 2002. The average payback period has remained below six months for the last four years. The city's budgetary framework is heavily dependant on the central government's decisions. The budgetary framework of Kazakhstan is characterised by strong bias towards centralized decision making and funds distribution. Although the city derives a significant share of its revenue from local tax sources, the budgetary framework is unpredictable with regards to transfer volumes, deficit funding and regulatory decisions. The city's budget is characterised by a high degree of rigidity. Transfers of all kinds averaged almost 60% of the city's operating expenditure over the last five years, while financing possibilities have been limited since new legislation was implemented in 2003. The city is prohibited from issuing bonds or borrowing from banks. The only financing option is credits from the central government. The City of Almaty is the largest city in Kazakhstan and is located in the south- eastern part of the country. The city contributes 18.5% to national GDP (2004) and makes up about 8% of Kazakhstan total population. Contact: Andrei Piskunov, Moscow, Tel: +7 495 956 9901; Fernando Mayorga, Barcelona, +34 93 323 8400. Media Relations: Alla Izmailova, Moscow, Tel: +7 495 956 9903; Jon Laycock, London, Tel: +44 20 7417 4327. [2006-08-08]