Moody's подтвердило рейтинг Астаны на уровне "Ba1"

/ИРБИС, 18.01.08/ - Международное рейтинговое агентство Moody's подтвердило рейтинг столицы Казахстана - Астаны по международной шкале в иностранной и национальной валюте на уровне "Ba1". Прогноз - "Стабильный". Ниже приводится оригинальный текст сообщения агентства Moody's на английском языке. MOODY'S AFFIRMS CITY OF ASTANA'S BA1 RATING New York, January 14, 2008 - Moody's Investors Service has affirmed the City of Astana's global scale foreign and local currency ratings of Ba1. The rating outlook is stable. Credit strengths include rapid economic growth, low debt, strong budget performance, and the significant capital transfers provided by the republic's government. At the same time, credit weaknesses include the insufficient predictability of the institutional framework in Kazakhstan, the City's limited budgetary mandates, and the pressure for spending to mount in the long term combined with a reduction in transfers from the government. Rapid economic growth is underpinned by the implementation of new investment projects, and construction of housing and retail and services infrastructure. Astana also benefits strongly from its status as capital city, as most of the country's biggest companies have their head offices in the city. Economic growth has increased budget revenue, which rose 38% in 2006 and 22% in 2007. This, in turn, is behind the budget's strong operating performance: the gross operating surplus was 13% of revenue in 2006 and is expected to be approximately 15% in 2007. Capital spending on transport infrastructure and other areas is mostly funded by transfers from the central government, which constitute more than half of the city budget's revenue. Moody's also notes that the debt burden remains low, and that direct debt consists entirely of budgeted loans which the republic provides for housing projects. However, the City's revenue and spending policy is limited by Kazakhstan's system of inter-governmental budgetary relations: the government uses a system of so-called negative transfers for budget equalization purposes, and it is also capable of exerting a considerable influence on the structure of city budget expenditures. The City has very few mandates of its own with respect to tax and non tax-revenue. In addition, Moody's notes that rapid growth in Astana's population will pressure the City to raise socially oriented operating expenditure in the medium term. If, as expected, central transfers are reduced, this could weaken operating performance. Astana, which officially became Kazakhstan's capital city in 1997, is in central Kazakhstan. Its population is 600,000, or approximately 4% of the country's entire population, while GRP is more than 8% of Kazakhstan's GDP. The City's economy is dominated by the services sector, while industry accounts for less than 5% of GRP. New York Yves Lemay Managing Director International Public Finance Moody's Investors Service JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Moscow Alexander Proklov Vice President - Senior Analyst International Public Finance Moody's Eastern Europe Telephone: +7 495 641-1881 Facsimile: +7 495 641-1897 [2008-01-18]