Fitch подтвердил долгосрочный рейтинг Мангистауской области "ВВ-"

/Московское бюро REUTERS, Нью-Йорк, 18.03.02/ - Международное агентство Fitch в понедельник подтвердило долгосрочный рейтинг Мангистауской области Казахстана по заимствованиям в иностранной и местной валюте ("BB-"), а также присвоило краткосрочный рейтинг "В" по заимствованиям в иностранной валюте. Прогноз изменения долгосрочных рейтингов - стабильный. Уровень рейтингов отражает продолжающуюся сбалансированность бюджета области и отсутствие долгового бремени. Однако динамика рейтингов остается практически неизменной вследствие перераспределения налоговых поступлений в пользу федеральной казны в 2002 году, что лишает регион возможности в полной мере воспользоваться благами экономического роста, говорится в сообщении Fitch. Ниже следует распространенный агентством текст сообщения (на английском языке): NEW YORK, March 18 - Fitch Ratings has today affirmed the Long-term foreign currency and local currency ratings of 'BB-' (BB minus) of the Region of Mangistau, Kazakhstan, and has assigned a Short-term foreign rating of 'B'. The long-term Outlook is Stable. The ratings reflect the region's continuously balanced budget and its debt free situation. Nevertheless, ratings are constrained by the re-distribution of tax revenue in favour of the central government in 2002, which reduces the ability of the region to reap the benefits of its recent economic growth. Mangistau's local economy dominated by oil and oil related industries, has demonstrated steady and rapid growth since 1999. Its budgetary revenues, made up largely of taxes, have also risen over this period. But the central government's decision to retain all of the business tax revenues collected in the region instead of the previous 50% has resulted in an almost 25% decline in the region's nominal budgeted current revenues for the year compared to that achieved in 2001. Nevertheless, the region has been able to balance its budget primarily through severe cuts in expenditure. Mangistau's government considers that its 2002 budget is conservative and expects to collect more than the budgeted amount thanks to a reduction in tax arrears accumulated during previous years, higher than expected social tax receipts, and a revaluation of the rateable value of properties. It also believes that these additional sources of revenues may allow it to maintain spending at 2001 levels. Notwithstanding unfavourable changes in the tax-sharing framework between Kazakhstan's central government and the regions, Mangistau's authorities have demonstrated prudent budget policy. It has been financially self sufficient every year since 1997 with the exception of 1999 when it issued one short-term bond - which was fully repaid in the year 2000. The region is currently debt free but may need to take on additional financing in the future as Mangistau's seriously inadequate infrastructure is addressed. Revenue flexibility is limited by the lack of tax setting autonomy, whereas expenditure flexibility is constrained by a large number of mandatory expenditures such as annual contributions to the Republic's budget, so-called official transfers that are senior in priority over other payments. The region is vulnerable to liquidity problems because of seasonal fluctuations in revenues and expenditure and restrictions on treasury borrowing from financial institutions but this is compensated for by a large cash balance.