Moody's присвоило предварительный рейтинг "Baa2" выпуску нот KazMunaiGaz Finance Sub B.V. на сумму $1,0 млрд

/Moody's Investors Service, Москва, 16.07.09, перевод и заголовок ИРБИС/ - Международное рейтинговое агентство Moody's Investors Service присвоило предварительный рейтинг (P) "Baa2" выпуску нот приблизительным объемом на 1,0 млрд долларов США для АО "Национальная компания КазМунайГаз", выпущенные KazMunaiGaz Finance Sub B.V. - 100,0 % дочерним предприятием АО "Национальная компания КазМунайГаз". АО "Национальная компания КазМунайГаз" выступает в качестве гаранта по данным нотам. Прогноз отрицательный. После окончательного рассмотрения сделки и изучения соответствующих документов Moody's присвоит окончательный рейтинг. Окончательный рейтинг может отличаться от предварительной оценки. Ноты, как ожидается, будут деноминированы в долларах США сроком на 5 лет. Данный выпуск будет осуществлен в рамках Глобальной среднесрочной облигационной программы на общую сумму $5 млрд. Ниже приводится оригинальный текст сообщения Moody's на английском языке. MOODY'S ASSIGNS (P)BAA2 RATING TO KAZMUNAYGAS NOTES ISSUE; NEGATIVE OUTLOOK /Moody's Investors Service, Moscow, July 16, 09/ - Moody's Investors Service has assigned a provisional rating of (P)Baa2 to an approximately USD 1.0 billion Note issue for JSC National Company KazMunayGas ("KMG NC") issued by KazMunaiGaz Finance Sub B.V. (the "Issuer"), a 100% owned subsidiary of KMG NC, that acts as a Guarantor for the Notes. The obligations of the Guarantor will rank at least pari passu with all senior unsecured and unsubordinated obligations of the Guarantor. Therefore Note holders are relying solely on KMG NC's credit profile to service and repay the debt. The rating outlook is negative. Upon a conclusive review of the transaction and associated documentation, Moody's will assign a definitive rating to the Notes. A definitive rating may differ from a provisional rating. The Notes are expected to be placed in one USD denominated tranche with a 5 year maturity. The issue will be executed within the framework of a Global Medium Term Note Programme for a total amount of USD 5 billion. The proceeds raised from the Notes issue are expected to be on-lent by the Issuer to KMG NC group with the main purpose of refinancing or retiring existing indebtedness, particularly related to the debt of Rompetrol and its various subsidiaries. Based on KMG NC's 2008 results, substantial cash reserves within the group and the fact that a significant part of the proceeds from the Notes issue will be used to refinance KMG NC group's existing debt obligations, the agency believes that the proposed debt issuance can be accommodated within the current rating category. Moody's also notes that the Notes issue will lead to improvement of the KMG NC group's overall debt profile by lengthening the average maturity of its debt portfolio while alleviating liquidity pressure at the Rompetrol subsidiary level. Moody's regards KMG NC as a government-related issuer (GRI) and thus ratings incorporate uplift from KMG NC's baseline credit assessment of 12 (on a scale of 1 to 21 and equivalent to Ba2 rating) accounting for high implied state support and the company's medium dependence. KMG NC's ratings are underpinned by: (i) the company's strategic importance in the Kazakh economy as it represents the state's strategic interests in the oil and gas sector; (ii) its key position within the Group where KMG NC fully controls or on a majority basis has equity holdings in various Kazakhstan oil and gas sector companies; (iii) a sizeable asset base including the strong market and competitive positions of the company's subsidiaries; and (iv) KMG NC's oil and gas transportation segments which provide the company with a degree of diversification into utility-type earnings supported by relatively stable and transparent regulatory policies and practices. KMG NC's ratings nevertheless also reflect the overall transformational risk relating to the company's consolidated business profile in view of its aggressive acquisition strategy and large-scale investment projects, its leveraged capitalisation structure and the liquidity risk related to the group's ability to manage its sizable cash resources given the weak state of the Kazakh banking system. The Negative outlook on the rating reflects the fact that a possible downgrade of the sovereign rating - which currently has a negative outlook - would expectedly imply a downgrade of the KMG NC's ratings, assuming the other inputs for the rating remain unchanged as well as the fact that KMG NC's stand-alone profile is weakly positioned at this time in its rating category. The last rating action on KMG NC was on 7 July 2009 when Moody's confirmed the company's Baa2 ratings with negative outlook. The principal methodology used in this rating action is the Application of Joint Default Analysis to Government Related Issuers, April 2005, which can be found at moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors related to the various industries that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory. KMG NC, headquartered in Astana, Kazakhstan, is a wholly-state-owned (through the SamrukKazyna holding company) vertically integrated oil and gas operator with core operations in exploration and production, refining, domestic oil and gas transportation, and marketing and trading of oil and petroleum products sectors. In 2008 the company generated around USD21.0 billion in revenues and EBIT of USD6.6 billion. London David G. Staples Managing Director Corporate Finance Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moscow Victoria Maisuradze Vice President - Senior Analyst Corporate Finance Group Moody's Eastern Europe LLC Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 [2009-07-17]