Агентство Moody's подтвердило рейтинг АО "RG Brands" (Казахстан) на уровне "B2", прогноз по рейтингу изменен со "стабильный" на "негативный"

/KASE, 21.01.08/ - АО "Инвестиционный Финансовый Дом "RESMI" (Алматы) распространило информационное сообщение, в котором сообщается следующее: начало цитаты 16 января 2008 года одно из ведущих международных рейтинговых агентств - Moody's Investors Service подтвердило рейтинг АО "RG Brands" на уровне "B2" и изменило прогноз по рейтингу со "стабильный" на "негативный": с - корпоративный кредитный рейтинг и рейтинг вероятности дефолта - B2 - прогноз - "стабильный" на - корпоративный кредитный рейтинг и рейтинг вероятности дефолта - B2 - прогноз - "негативный" В обосновании, приведенном в итоговом отчете Moody's, сопоставляются ключевые факторы. В большей степени данный факт является отражением общего негативного настроения, присутствующего на мировом финансовом рынке, и финансовом рынке Республики Казахстан, в частности. Операционные и финансовые индикаторы компании показывают устойчивый положительный тренд. Компания формирует значительные положительные денежные потоки, которые вкупе с фондами, привлеченными за счет выпуска последних эмиссий облигаций, будут направлены на запуск новых производств до середины 2008 года. За счет этого компания рассчитывает на существенное увеличение продаж в текущем году. Компания подтверждает все свои обязательства, в том числе и финансовые. На сегодня в обращении 4 выпуска облигаций. Финансовое состояние позволяет компании осуществлять облигационные заимствования и впредь. конец цитаты Ниже приводится оригинальный текст сообщения агентства Moody's на английском языке. MOODY'S CHANGES OUTLOOK ON RG BRANDS' B2 RATINGS TO NEGATIVE FROM STABLE London, 16 January 2008 - Moody's Investors Service today affirmed the B2 corporate family rating of OJSC RG Brands ("RG Brands" or "the company"), one of the leading food manufacturers and distributors of household products in Kazakhstan, but changed the rating outlook to negative from stable. The following ratings were affected: - B2 Corporate Family Rating and Probability of Default Rating The change in the rating outlook to negative takes account of a number of factors. "Firstly, Moody's recognises that the 28% top line growth the company has experienced in 2006 and continued through the first nine months of 2007, has come with a considerable increase in the level of financial liabilities and limited free cash flow generation mainly resulting from high investments in fixed capital" explained Stefano del Zompo, lead analyst for RG Brands at Moody's. "Other factors affecting the company's risk profile include the worsening outlook for Kazakh banks, many of which are currently lending to the company, which increases the possibility that banks could restrict funding unilaterally and a certain degree of accounting risk", Mr. del Zompo said. More positively, RG Brands' ratings continue to reflect: (i) Kazakhstan's favourable macroeconomic environment, with average GDP growth of over 9% per annum since 2002, inflation mostly under control within the 6%-9% range, the increase in households' disposable income and ultimately the positive trend in consumption and retail sales, with double-digit growth expected going forward; (ii) the company's leading share in key segments of the market which have increased over the past few years supported by organic growth of up to 30% for all RG Brands' products except tea; and (iii) the still fragmented nature of the Kazakh retail market, coupled with the company's extensive distribution network and the attractiveness of its own and imported products categories, which constitute considerable barriers to entry for larger players. Moody's notes that negative pressure could be exerted on RG Brands' rating if financial debt, including letters of credit, continues to rise without a corresponding increase in cash flows from operations, leading to a Debt/EBITDA ratio above 5.0x on a continued basis. The rating could also come under pressure if, as a result of the instability of the Kazakh banking system, the company's liquidity position were to deteriorate. Conversely, ratings will likely experience positive pressure in the event of stronger cash generation relative to debt levels, leading to a reduction in the company's Debt/EBITDA in the region of 4.0x. Positive pressure would also be generated by an improvement in accounting diligence, increased transparency and a more comfortable liquidity position. Moody's last rating action on RG Brands was an affirmation in July 2006. Headquartered in Almaty, Kazakhstan, OJSC RG Brands is a leading food producer in Central Asia. The company, which is 100% owned by the Resmi Group, was established in 1994 and has grown rapidly through acquisitions. In 2006, the company reported sales and EBITDA of KZT18.4 billion (ca. US$149 million) and KZT2.2 billion (ca US$17.8 million), respectively. Paris Myriam Durand Managing Director Corporate Finance Group Moody's France S.A. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 London Stefano Del Zompo, CFA Analyst Corporate Finance Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2008-01-21]