Moody's повысило рейтинг компании Казахстан Темир Жолы до "Ba1" c "Ba2"

/REUTERS, Лондон, 10.02.03/ -Рейтинговое агентство Moody's повысило долгосрочный рейтинг компании Казахстан Темир Жолы (Железные дороги Казахстана) до "Ba1" c "Ba2", прогноз изменения рейтинга - стабильный. Повышение рейтинга произошло вслед за повышением суверенного рейтинга Казахстана до "Baa3" с "Ba2" в сентябре 2002 года. Повышение рейтинга основано на принципиальной зависимости республики от железнодорожного сообщения, стратегической роли компании как национального железнодорожного перевозчика и стопроцентной доли государства в компании, которое продолжит оказывать ему всестороннюю поддержку. Ниже следует текст агентства на английском языке: (The following statement was released by the ratings agency). LONDON, Feb 10 - Moody's Investors Service today upgraded to Ba1 from Ba2 the long-term issuer rating of Kazakhstan Temir Zholy ("KTZ"), the national railway company of the Republic of Kazakhstan. The rating upgrade concludes a review initiated on 16 October 2002 following the upgrade of the Republic of Kazkahstan's foreign currency ceiling for bonds and government's foreign currency bonds to Baa3 from Ba2 in September 2002. The outlook for the rating is stable. The rating upgrade is based on the critical dependence of the Republic of Kazakhstan on the railway system, the strategic role of KTZ as the national rail company and the 100% ownership of KTZ by the government, which is expected to ensure continued strong governmental and regulatory support going forward. The rating also considers challenges arising from the ongoing restructuring of KTZ, including the implementation of a new tariff-setting policy, the intended liberalisation of the rail freight transport sector, KTZ's key revenue source, and the evolving nature of corporate governance in Kazakhstan. Moody's notes that while the rating is related to the sovereign rating, it is not explicitly linked to it and can move independently from adjustments in the debt rating of the Republic of Kazakstan. According to Moody's, the rating of KTZ reflects its close relations with the Republic of Kazakhstan and its importance to the national economy, that should lend support to a favorable regulatory tariff regime for KTZ also in the future. Despite the group's reorganisation in 2002 from a Republican State Enterprise into a Closed Joint Stock Company, KTZ remains a 'National Company' 100% owned by the government and also effectively controlled by it, with no privatisation move contemplated. Besides being among the largest taxpayers in the country, the rail system is of critical importance to the economy of Kazakhstan in view of the large size of Kazakhstan's territory and the underdeveloped road infrastructure, accounting for 57% of total passenger and 68% of freight turnover in 2001 respectively. In particular, for bulk cargo there is no real alternative to railway, while Moody's cautions that the build-out of the oil pipeline system in Kazakhstan could pose a threat overtime to the volumes of oil transported by rail, KTZ's most profitable export commodity today. Moody's notes that the rail sector in Kazakhstan is undergoing an extensive restructuring project, that will fundamentally change KTZ's business structure and the way the company is generating revenues. The first stage of the restructuring plan involved the reorganisation of KTZ from a 'Republican State Enterprise' into a 'Closed Joint Stock Company', the divestiture of ancillary activities and the creation of a Passenger Transportation Open Joint Stock Company' with 100% of shares owned by KTZ. The second stage currently underway is supposed to develop the competitive market in rail freight transportation and to transfer the unprofitable passenger operations into a separate, government-owned entity. When fully implemented, KTZ primary responsibility will focus on the management of the national rail infrastructure, while retaining an interest in rail freight operations. It is supposed that KTZ will no longer derive the majority of its revenues directly from the provision of freight services in Kazakhstan (around 90% of KTZ's revenues currently), but will receive infrastructure access tariffs and charges for the hire of locomotives to be paid by independent rail operators. Nevertheless, it is intended that KTZ will still receive about 75% of all revenues derived from the railway industry in Kazakhstan through a new tariff-setting policy, for which the government has expressed its full approval and which needs to be signed-off by the Republic's Anti-Monopoly Agency overseeing KTZ's operations. Against this background and recognising that many of the restructuring measures are yet to be implemented, Moody's anticipates strong support from the government to KTZ throughout and beyond the restructuring process. In particular, the rating assumes that infrastructure access charges and tariffs will be regulated in a way that adequately reflect KTZ's planned investments, level of expenses, including debt interest, as well as provide profits for the company -- also in a liberalised rail transportation market. For this to happen, the implementation of the revised tariff scheme as laid out above will be crucial to counterbalance any negative effects from the introduction of competition in rail freight services. Moody's notes that private competitors will likely be the group's existing large mining and oil customers, so that the counterparty risk for KTZ is not expected to change. KTZ's current debt levels are modest given the cash generative nature of the group's freight operations (accounting for 90% of revenues) that have resulted in limited external financing requirements in the past. The level of investments are forecasted to increase over the next years in view of the substantial backlog in infrastructure and rolling stock investments, with many assets well into their useful lives, and the further build-out of the country's rail transit routes. The recent freight tariff increases announced by the Anti-Monopoly Agency are deemed to support KTZ in its undertakings. The stable outlook for the rating expects no material change to the strengths of support for KTZ and the successful implementation of the restructuring plan, including the development of a new tariff setting policy, with no significant detriment to KTZ's current financial position. Moody's notes that the auditor's opinion in the 2001 annual report was qualified citing the review of KTZ's activities from its inception in 1997 to 31 December 2001 by government agencies in 2002, which gave rise to certain allegations against the group's previous top management relating to the misappropriation of funds and the purchase of certain assets. After discovering the facts, a new management team was appointed in March 2002, who have started implementation of new effective methods of corporate management. Measures taken include the appointment of an independent registrator of the company, the creation of a separate internal audit division as well as the centralization of money flows across the group. The evaluation of financial and economic activities of the company in the year 2002 will continue to be executed by Ernst&Young independent auditing company. Closed Joint-Stock Company "National Company Kazakhstan Temir Zholy," headquartered in Astana City, is the national railway company of the Republic of Kazakhstan. In 2001, the group generated total revenues of about US$1.0 billion and net income of US$ 52 million, with total debt amounting to US$ 133 million. [2003-02-10]