MOODY'S INVESTORS SERVICE ПРИСВОИЛО КАЗАХСТАНУ ПЕРВЫЙ ИНВЕСТИЦИОННЫЙ КРЕДИТНЫЙ РЕЙТИНГ "BAA3" СО СТАБИЛЬНЫМ ПРОГНОЗОМ

/REUTERS, Лондон, 19.09.02/ - Международное рейтинговое агентство Moody's повысило рейтинги Казахстана по облигациям в иностранной валюте до "Baa3" с "Ba2". Одновременно с этим рейтинг по банковским депозитам в иностранной валюте повышен до "Ba1", говорится в сообщении агентства. Одновременно с этим рейтинг по долгосрочным заимствованиям правительства в местной (не иностранной) валюте повышен до "Baa1". Все рейтинги имеют прогноз стабильный. Как сообщило агентство, Казахстан, основой экономики которой является энергетический и металлургический сектор, переживает рост объема иностранных инвестиций, а также рост экспорта. По мнению Moody's, строительство новых нефте- и газопроводов расширит доступ участников рынка к экспортным мощностям, а рост объемов экспорта энергоносителей более чем компенсирует нестабильность на мировом энергетическом рынке. Ниже агентство ИРБИС приводит оригинальные сообщения по данной тематике на английском языке. MOODY'S UPS KAZAKHSTAN TO INVESTMENT GRADE LONDON, Sept 19 (Reuters) - Moody's Investment Service said on Thursday it had upgraded Kazakhstan's foreign debt ratings two notches to Baa3, an unusually large move, making the country investment grade with a stable outlook. Investment grade ratings help a borrower access a much larger pool of investors than sub-investment grade ratings, or "junk", ratings of Ba1 or below. The credit rating agency also upgraded the ceiling for foreign currency bank deposits in Kazakhstan to Ba1. The rating for the government's long-term local currency instruments has been raised to Baa1. "Powered by its energy and non-ferrous metallurgy sectors, Kazakhstan is experiencing a surge of foreign direct investment and export growth," said the agency. "Construction of new pipelines will dramatically improve market access for gas and oil exports. Volume growth in the medium-to-long term will more than compensate for price volatility," it added. Crude prices, which are approaching $30 per barrel, nearly 12-month highs, are boosting Kazakhstan's budgets and but the agency also described non-oil tax receipts as "buoyant". The state is putting money aside in a "rainy day" fund and has also pushed through comprehensive pension reform, both of which help fiscal stability. "Local capital markets are developing well. The banking system is small but stable, with a deposit insurance scheme in place," said the agency. A stable political elite, devoted to orthodox economics also help, the agency said. Kazakhstan is rated BB by Standard and Poor's and BB by Fitch, both sub- investment grade ratings. (Alexander Manda, London Capital Markets, +44 20 7542 9361, fax 7542 5285, alex.manda@reuters.com) MOODY'S UP KAZAKHSTAN'S FOREIGN CURRENCY BONDS TO BAA3 (The following statement was released by the ratings agency). LONDON, Sept 19 - Moody's Investors Service today upgraded Kazakhstan's foreign currency ceiling for bonds and the rating of the government's foreign currency bonds to Baa3 from Ba2. Simultaneously, the credit rating agency upgraded the ceiling for foreign currency bank deposits in Kazakhstan to Ba1. The rating for the government's long-term local currency instruments has been raised to Baa1. All ratings have a "stable" outlook. Powered by its energy and non-ferrous metallurgy sectors, Kazakhstan is experiencing a surge of foreign direct investment and export growth, leading to strengthening of foreign currency reserves. Construction of new pipelines will dramatically improve market access for gas/oil exports such that volume growth in the medium-to-long term will more than compensate for price volatility. The economy will eventually diversify into pipeline and machinery production for the oil/gas and non-ferrous metallurgy sectors, followed by development of food processing and machinery for construction/infrastructure. Commodity prices, structural reforms in fiscal policy, and improved collection abilities have expanded budget revenues. Non-oil tax receipts are buoyant; there is a significant budget surplus (part of which is siphoned off into a "rainy day" National Fund for the Republic of Kazakhstan to fill any potential future budget deficits); a comprehensive pension reform has passed its difficult transition years (1998-1999) and with private pension funds expanding rapidly, local capital markets are developing well. The banking system is small but stable, with a deposit insurance scheme in place. Positive economic developments are supported by a stable political elite (of Kazakhs and Russians) that exhibits a united approach to orthodox fiscal and monetary policies and a desire to minimize currency appreciation to maintain competitiveness vis-a-vis Russia, the country's major competitor on export markets. Debt and debt servicing ratios are low. The country's geopolitical status is a positive factor in assessing its creditworthiness. Over the medium-to-long term, Moody's will monitor: 1. the country's progress on privatization of state assets and the development of an appropriate business environment to encourage continued foreign investment; 2. the ability of economic policy makers to withstand currency appreciation and the associated "Dutch disease" phenomenon; and 3. the government's approach to the growth of regional and income inequalities and the resultant pressures for greater social welfare payments that often characterize economic growth in raw material-based economies. (London Capital Markets +44 20 7542 7970, fax +44 20 7542 5285, jon.laycock@reuters.com) [2002-09-19]