MOODY'S ПОВЫСИЛО ПРОГНОЗ СУВЕРЕННОГО РЕЙТИНГА РЕСПУБЛИКИ КАЗАХСТАН С "НЕГАТИВНОГО" НА "СТАБИЛЬНЫЙ"

/Moody's Investors Service, Сингапур, 05.04.10, перевод и заголовок KASE/ - Международное рейтинговое агентство Moody's Investors Service повысило прогноз суверенного рейтинга Республики Казахстан "Baa2" с "Негативного" на "Стабильный". Повышение последовало вслед за растущим свидетельством того, что экономический спад оказался слабее, чем ожидалось, и кредитные параметры Правительства остались относительно не тронутыми банковским кризисом. "Правительство Казахстана преодолело пик кризиса способом, соответствующим рейтингу инвестиционного класса, защитив свою кредитоспособность, тем не менее, форсируя реструктурирование кредита в банковской системе страны," - сказал господин Анинда Митра, Вице-президент и ведущий кредитный суверенный аналитик по Казахстану. В то же время, рейтинг государственных облигаций в иностранной валюте был снижен на порядок до "Baa2", до уровня суверенного рейтинга, несмотря на то, что рейтинг банковских депозитов в иностранной валюте остался на уровне "Ba1". "Выравнивание рейтинга государственных облигаций в иностранной валюте с рейтингом государственных облигаций отражает нашу позицию относительно того, что управление кризисом в Казахстане сфокусировано, главным образом, на защите государственного бюджета. Это предполагает, что корпоративный долг в иностранной валюте в редких случаях может иметь рейтинг выше, чем государственный долг". Ниже приводится оригинальный текст сообщения Moody's на английском языке. Moody's maintains Kazakhstan's Baa2 rating; moves outlook to stable Singapore, April 05, 2010 - Moody's Investors Service has moved the outlook on Kazakhstan's Baa2 sovereign rating to stable from negative. This move follows growing evidence that the economic downturn is proving shallower than expected, and that the government's credit metrics will emerge relatively unscathed from the country's serious banking crisis. "The government of Kazakhstan has weathered the worst of the crisis in a way consistent with an investment grade rating by protecting its creditworthiness but forcing credit restructuring on to the country's banking system" says Mr. Aninda Mitra, a Vice-President and Moody's lead sovereign analyst for the country. At the same time, the country's foreign currency bond ceiling was lowered one notch to Baa2, the same level as the sovereign rating, while the FC bank deposit ceiling was maintained at Ba1. "The alignment of the country's foreign currency bond ceiling with the government's bond rating reflects our view that crisis management in Kazakhstan focuses primarily on protecting the government's balance sheet. It therefore suggests that private debt issuers in foreign currency should seldom be rated higher than the Sovereign." Mr. Mitra added that "the relatively rapid restructuring of external bank debt - where a large proportion of the burden has been borne by creditors - characterizes a proactive but highly selective approach by the government to elicit a speedy resolution to banking system distress." "The limitation of large contingent sovereign liabilities thus depends on a high degree of credit ring-fencing," Mitra writes, "and the accompanying uncertainty about the authorities' support for banks, and private institutions as well as several government-related institutions justifies a more conservative stance on bond and deposit ceilings and support assumptions." "Nevertheless, overall, the Kazakh government's fiscal conservatism has persisted alongside a proactive crisis management framework. "This has enabled authorities to withstand financial shocks, without depending on external assistance or damaging long-term sovereign credit fundamentals," says Mr. Mitra. Moreover, strong medium-term prospects for the oil and gas sector and growing structural linkages with rapidly-growing Asian economies will likely sustain an economic recovery and provide additional liquidity to complement ongoing reforms within the banking sector. Moody's last rating action on Kazakhstan was taken on May 12, 2009, at which time the local currency sovereign rating was lowered to Baa2 from Baa1, and the outlook was changed to negative. The principal methodology that Moody's uses in rating the Republic of Kazakhstan is its Sovereign Bond Ratings Methodology, published in September 2008 and available on www.moodys.com in the Rating Methodologies sub- directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. Singapore Aninda S. Mitra Vice President - Senior Analyst Sovereign Risk Group Moody's Singapore Pte Ltd. JOURNALISTS: (852) 2916-1150 SUBSCRIBERS: (65) 6398-8308 Frankfurt Dietmar Hornung Vice President - Senior Analyst Sovereign Risk Group Moody's Deutschland GmbH JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2010-04-06]