FITCH RATINGS ИЗМЕНИЛО ПРОГНОЗ РЕЙТИНГА КАЗАХСТАНА НА ПОЗИТИВНЫЙ

/ИРБИС, Руслан Дзюбайло, 21.12.06/ - Fitch Ratings сообщило об изменении проноза рейтинга Казахстана на "позитивный" со "стабильного". Согласно пресс релизу, нынешние рейтинги Казахстана подтверждены на прежних уровнях: ретинг дефолта эмитента по обязательствам в иностранной валюте - "BBB", ретинг дефолта эмитента по обязательствам в национальной валюте - "BBB+", краткосрочный валютный рейтинг - "F3", потолок суверенного рейтинга - "BBB+" Ниже приводится оригинальный текст сообщения агентства Fitch Ratings. Fitch Ratings-London-21 December 2006: Fitch Ratings has today revised the Outlooks on the Republic of Kazakhstan's foreign and local currency Issuer Default ratings ("IDRs") to Positive from Stable. The foreign and local currency IDRs are affirmed at 'BBB' and 'BBB+', respectively. The agency has also affirmed the Country Ceiling at 'BBB+' and the Short-term foreign currency rating at 'F3'. "Kazakhstan's recent economic performance has been impressive. The economy grew at an annual average rate of 10.3% from 2000 to 2005, a period over which GDP per head in dollar terms trebled," said Andrew Colquhoun, Director in Fitch's Sovereigns Group. Fitch expects the economy to grow by another 9.5% in 2006. Strong growth has been driven by the rapid development of the country's oil sector. Oil output doubled in volume terms to 1.4 million barrels per day ("bpd") from 0.7m bpd over 2000-2005. The strong economy and buoyant oil revenues have supported the public finances, which remain a rating strength. Kazakhstan's 2006 government debt-to-GDP ratio of 6.2% will be the lowest in the 'BBB' rating category, and the fifth-lowest of any sovereign rated by Fitch. Fitch expects capital inflows and oil revenues to boost Kazakhstan's international reserves and oil fund to USD27 billion at end-2006 (38% of GDP) from USD15bn at end-2005. The country's authoritarian leader President Nursultan Nazarbayev looks securely in power, his popularity boosted by the booming economy and rising wages. The lack of clear succession arrangements could cause difficulties, although the 66-year-old president's apparent robust health and willingness to stay in office currently mitigates this risk. Fitch remains concerned that Kazakhstan's fast-growing economy could start to overheat. The authorities' policy response to rising inflation has been uncertain and the country will probably miss its inflation target in 2006. The booming banking system is increasingly reliant on external financing to fund credit growth (after 74% credit growth in 2005, Fitch expects 42% in 2006); banks' external debt totalled USD20bn by end-June 2006. Banks are taking on rising exposures to a frothy-looking property sector, while foreign lending reached USD9.2bn by end-June 2006, with loans going mainly to other CIS countries. The burden of providing any emergency support to the banks would fall on the sovereign. Nevertheless, the country's longer-term prospects remain bright. "The oil and gas boom is only just beginning," said Mr. Colquhoun. "Oil output could rise to 3.5 million bpd by 2015, facilitating continued growth in reserves and the oil fund." Kazakhstan's current proven oil reserves of 40 billion barrels could sustain that output level for 30 years. However, more investment in export capacity will be required to get the oil to market. Contact: Andrew Colquhoun, London, Tel: +44 (0) 20 7417 4316 Ed Parker, +44 (0) 20 7417 6340 Media Relations: Mayra Cunningham, London, Tel: +44 20 7417 3557 [2006-12-21]