Moody's Investors Service присвоило долгосрочный рейтинг "Bа1" планируемым еврооблигациям АО "Астана-Финанс" (Казахстан)

/REUTERS, заголовок KASE, 31.10.06/ - Международное рейтинговое агентство Moody's Investors Service присвоило долгосрочный рейтинг "Bа1" планируемым евробондам казахской финансовой компании Астана-Финанс. На прошлой неделе компания сообщила, что планирует выпустить пятилетние еврооблигации на $150 миллионов. Организатором выпуска является JPMorgan. Роуд-шоу пройдет 1-8 ноября. Астана-финанс разместила дебютный выпуск евробондов на $125 миллионов в феврале. Компания занимается кредитованием, лизингом и другими финансовыми операциями. Ниже приводится оригинальный текст сообщения агентства Moody's Investors Service. MOODY'S ASSIGNS BA1 RATING TO ASTANA FINANCE B.V.'S SENIOR UNSECURED NOTES Moscow, October 31, 2006 - Moody's Investors Service has assigned a Ba1 long-term foreign currency debt rating to the senior unsecured foreign currency notes expected to be issued by Astana Finance B.V. (Netherlands), a wholly- owned subsidiary of Kazakhstan's JSC Astana Finance (Ba1 long-term foreign currency issuer rating with stable outlook). The issue is planned to be jointly and severally unconditionally and irrevocably guaranteed by Kazakhstan's JSC Astana Finance and JSC Leasing Company Astana-Finance. The outlook is stable. The rating is subject to a review of the final documentation for the transaction. Moody's said that, according to the offering memorandum, the holders of the notes will be relying for repayment solely and exclusively on JCS Astana Finance's ability to make payments. The Ba1 rating incorporates a high level of support from the City of Astana (rated Ba1 with a stable outlook) based on (i) its position as a non-controlling but key shareholder as well as an important creditor of JSC Astana Finance (on more favourable than arm's length conditions); (ii) the city's successive capital injections in order to remain a key shareholder, and its presence and active participation on the Board of Directors; (iii) the City of Astana's declared unconditional support in the event that JSC Astana Finance were unable to meet its obligations; and (iv) the role still played by JSC Astana Finance in the city's economic and social development. JSC Astana Finance's obligations under the guarantee agreement will rank at all times at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the company, save for those claims that are preferred by any relevant law. The terms and conditions of the notes contain a cross-acceleration clause for the issuer and JSC Astana Finance. Under the terms of the bond issue, both the issuer (Astana Finance B.V.) and the guarantors (JSC Astana Finance and JSC Leasing Company Astana- Finance) must comply with certain covenants, such as negative pledge, the limitation on payment of dividends, merge and consolidation, sale of assets and related party transactions. In addition, they stipulate that JSC Astana Finance should not permit consolidated tangible net worth to be less then US$15 million, it should not permit consolidated liquid assets as a percentage of consolidated short-term liabilities to be less than 30% and it is obliged to maintain its financial assets at a proportion of no less than 70% of total assets. Moody's notes that in the event that these financial indicators approach the minimum triggers defined in such covenants then JSC Astana Finance's ratings would become unstable and significant downward rating pressures may ensue. According to Moody's, the notes might be eligible for early redemption by the noteholders in the event of (i) a merger event resulting in a rating downgrade; (ii) an asset sale resulting in a rating downgrade; (iii) the City of Astana ceases to own at least 25% of the issued voting share capital of JCS Astana Finance. In addition, if 75% or more of the principal amount of the notes shall have been redeemed the issuer may redeem the rest of the notes. JSC Astana Finance, incorporated in the Kazakh capital Astana, reported total assets of US$684 million and total capital funds of US$63 million under IFRS as of 30 June 2006. London Adel Satel Managing Director Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moscow Vladlen Kuznetsov Asst Vice President - Analyst Financial Institutions Group Moody's Eastern Europe Telephone: +7-495-771-7146 Facsimile: +7-495-937-8290 [2006-10-31]