Fitch повысило основной необеспеченный рейтинг Казтрансойла до BB с BB-

/REUTERS, Москва, 22.08.02/ - Агентство Fitch повысило основной необеспеченный рейтинг трубопроводной компании Казтрансойл (Казахстан) до BB с BB-, подтвердило краткосрочный на уровне B. Агентство также повысило бумаг, выпущенных компанией на $150 миллионов, до BB с BB-, и изменило прогноз рейтинга на "стабильный" с "позитивного". Ниже приводится оригинальный текст агентства: "LONDON, August 22 - Fitch Ratings, the international rating agency, has upgraded the Senior Unsecured rating of OTC KazTransOil ("KTO") to 'BB' from BB-' (BB minus) and affirmed its Short-term rating at 'B'. The agency has also upgraded the rating on the USD150 million notes issued by KazTransOil to 'BB' from 'BB-' (BB minus). The ratings have been removed from Rating Watch Positive. The Outlook for these ratings is Stable. The upgrade reflects greater certainty about the structure of the KazMunaiGas ("KMG") Group (100% owner of KTO) following meetings with the company in July 2002. KMG was created through the merger of TransNefteGas (the previous holding company of KTO) and Kazakhoil (a vertically integrated national oil and gas company). Fitch had been concerned that the merger could lead to the company enjoying less cash flow independence and a more restrictive dividend policy. It is now clear that there is no cash flow centralisation at KMG level, KMG will not transfer liabilities of its other subsidiaries to KTO and a supportive dividend policy (10% of profit after tax) will stay in place until at least 2006. The ratings, that are not capped by the sovereign rating of Kazakhstan, reflect the continuing level of state support, including written undertakings from the Kazakh Ministry of Energy and Mineral Resources to provide the assistance it can to ensure timely repayment of KTO's financial obligations and also the company's ability to withstand the competition from the new third party operated oil pipeline. The ratings of KTO, the operator of 6,500km of crude oil transportation pipelines within the Republic of Kazakhstan, are based on the company's modest leverage and favourable tariff environment, as well as its monopoly position within a core element of the country's energy sector. The ratings also incorporate the lack of a long regulatory track record; high levels of systemic obsolescence within the existing networks; and the limited future competitive threat posed by the new export pipeline for high quality crude. KTO wishes to move from current fixed tariffs towards a two-tier system, which would reduce the tariff burden on producers from the western (export) and eastern (long-haul) corridors, thereby increasing KTO's flexibility and thus competitiveness. Fitch anticipates no tariff change before beginning of 2003, however. Although a lower average per-tonne tariff (-10%) would result in a fall in revenues in the short-term, Fitch considers the introduction of a new tariff structure to be a credit positive factor. Fitch has in its analysis focused on break-even tariff levels, using both low-case assumptions on throughput volumes, and leverage levels implied by the current capital investment programme. This break-even assessment provides comfort that KTO has sufficient headroom for material revenue volatility within the current rating category. In financial terms, KTO is modestly levered, and has shown strong cash generation ability over the past two years since the last tariff level adjustment. Low leverage, however, owes more to corporatisation in a debt-free condition than historic net free cash generation, and the company needs to invest material amounts to upgrade and extend its existing network. Following an international USD150m bond issue, leverage has risen to 18.2% at YE01, compared to 2.8% at YE00. Going forward Fitch expects leverage to stay within KTO's internal limit of 30%, but any increase from the current level will require tighter control of operating costs to combat pressure on top-line revenues. At YE01, a large proportion of KTO's cash reserves (USD82m out of c.USD226m) were deposited as security for a loan to MunaiTas, a joint venture controlled by KMG, created to build the Kenkiyak-Atyrau pipeline project. Fitch treats this cash as restricted. KTO generated adjusted cash flow of USD135m on revenues of USD313m in 2001." [2002-08-22]