MOODY'S ПОВЫСИЛО КРЕДИТНЫЙ РЕЙТИНГ ЕВРОНОТ ГЛАВНОГО НЕОБЕСПЕЧЕННОГО ДОЛГА ЗАО "КАЗТРАНСОЙЛ" С "BA2" ДО "BA1", ПРОГНОЗ "СТАБИЛЬНЫЙ"

/ИРБИС, 27.03.03/ - Сегодня рейтинговой агентство Moody's Investors Service, Inc повысило долгосрочный кредитный рейтинг в иностранной валюте евронот главного необеспеченного долга ЗАО "КазТрансОйл" (Астана) первой эмиссии (XS0132391938, официальный список ценных бумаг KASE категории "А"; KZTOe1; $150,0 млн; 06.07.01 - 06.07.06; полугодовой купон 8,5% годовых) с "Ba2" до "Ba1". Прогноз рейтинга - "стабильный". Об этом говорится в сообщении Moody's, полный текст которого приводится ниже. MOODY'S UPGRADES KAZTRANSOIL'S SNR UNSECURED NOTES TO Ba1; OUTLOOK STABLE Approximately $150 million of Long-Term Debt Instruments Upgraded London, 27 March 2003 - Moody's Investors Service today upgraded the rating of KazTransOil's ("KTO's") $150 million 8.5% senior notes due 2006 from Ba2 to Ba1. The company's senior implied rating is similarly upgraded from Ba2 to Ba1. The rating outlook is stable. Moody's said that the upgrade reflects 1. the increasing strategic importance of KTO to the long-term development of the Kazakh oil industry and overall economy, 2. the strengthening of the Kazakh economy that resulted in an upgrade of the sovereign rating last year to Baa3, 3. KTO's growing throughput (millions of ton kilometres) and revenues as oil production in Kazakhstan rises, and 4. Moody's expectation that the Kazakh Government would give support to KTO in case of need, although there is no formal state guarantee. The stable outlook takes into account the increasing competition facing KTO and its substantial investment plan to upgrade the oil pipeline infrastructure of Kazakhstan. Oil production in Kazakhstan is growing rapidly with the development of new fields, generating economic improvement within the country on the back, above all, of rising oil exports. Increasing crude production requires the development of both an integrated domestic infrastructure and, in particular, additional export capacity. While state-owned KTO is facing competition from new pipelines, above all the CPC pipeline which came on stream in 2001, it is seeking to expand its capacity to meet this demand. Moody's expects that KTO's throughput, revenues and cash flows will continue to grow over the medium term. At the same time, this development will require significant investment and Moody's anticipates that KTO's debt will rise substantially as its build-out and renovation programme progresses. KTO's tariffs are regulated which should add predictability and, in Moody's view, will ensure that the company has sufficient funds to undertake its plan which is approved by the Government. The rating incorporates the expectation that KTO's debt protection measures will strengthen and stabilise over the medium term. While the Government does not guarantee KTO's debt, and the latter is therefore not rated at the sovereign level, Moody's believes that it is supportive of the company which forms a strategic element in the country's future development, and would extend financial assistance in case of need. Closed Joint Stock Company KazTransOil ("KTO") is the owner and operator of the national oil transmission system of Kazakhstan, currently controlling around 80% of oil transmission in the country through its 6,500km of oil pipelines. It also owns and operates around 2,000km of water pipelines. KTO is 100% state- owned. Frankfurt Dr. Juergen Berblinger Managing Director Corporate Finance Moody's Deutschland GmbH +49 69 707 30 700 London Jeremy Hawes Senior Vice President Corporate Finance Moody's Investors Service Ltd. 44 20 7772 5454 [2003-03-27]