Fitch повысило рейтинг Алматы до "ВВ" с "ВВ-"

/REUTERS, Лондон, 27.06.03/ - Рейтинговое агентство Fitch Ratings повысило долгосрочные рейтинги города Алматы - делового и финансового центра Казахстана - по обязательствам в иностранной и местной валюте до "ВВ" с "ВВ-", сохранив позитивный прогноз, сообщило Fitch. Краткосрочный рейтинг в иностранной валюте подтвержден на уровне "В". Повышение рейтингов отражает рост и диверсификацию экономики города, а также профицит городского бюджета на фоне низкой долговой нагрузки, однако сдерживается неопределенностью относительно будущей модели межбюджетных отношений, зависимостью от централизованной налоговой политики и необходимостью инвестиций в инфраструктуру города. В Алматы, бывшей столице Казахстана, проживает, по данным агентства, около 1,1 миллиона человек или семь процентов населения страны. В то же время, на долю города в 2001 году приходилось 17 процентов ВВП Казахстана. Ниже приводится оригинальное сообщение Fitch Ratings. LONDON, June 26 (Fitch) - Fitch Ratings, the international rating agency, has today upgraded the City of Almaty's (Almaty) Long-term foreign currency and local currency ratings to 'BB' from 'BB-' ('BB minus'); the rating Outlook remains Positive. At the same time the agency has affirmed a Short-term foreign currency rating of 'B'. The ratings reflect a diversified and growing local economy, sizable budget surpluses and a low debt burden, as well as the central state's intention to make all subnationals' budget revenue more stable as set out in the draft Budget Code. It also takes into account uncertainty about the final model of intergovernmental relations as the draft Budget Code is still being discussed by the national parliament, vulnerability of the city's revenue to the national tax policy and demand for more investment in the city's infrastructure. Almaty, the former capital of Kazakhstan, is a financial, commercial and cultural centre, accounting for approximately 7% of the population of Kazakhstan and 17% of GDP in 2001. The performance of the local economy determines the well- being of Almaty, as the city's budget is largely made up of tax revenue. The steady growth of the local economy since the mid-1990s has helped offset the impact of the capital city being moved to Astana in 1997. To date the city has been entirely self-financed, using cash balances carried over from previous years to cover its negative balance before debt operations. Almaty's direct debt burden has remained low as measured by usual and adjusted direct debt/current revenue ratios (excluding transfers to the centre from the current revenue). At end-2002 the former stood at 11% of the current revenue and the latter at low 18%. Almaty's debt portfolio is comprised predominately of "soft loans", provided directly by the central state or under its guarantee. By end-2002 only 13% of its outstanding debt was taken on in its own name. In near future the central state is likely to remain the city's major creditor. These "soft loans" give some flexibility because they are frequently subject to re-negotiations and rescheduling. However, there are some concerns over the long-term should the city start borrowing directly from private investors, due to the unsophisticated debt management system compatible to the capital markets. The city has no flexibility with regard to tax rates, but can rely on its growing tax base. On the expenditure side, flexibility exists in reducing capital expenditure if needed, but operating expenditure is quite rigid because of growing salaries and wages mandated by the central state and transfers to the Republic's budget. These payments are senior to all other expenses, including debt servicing. The City of Almaty is situated in the southeast of Kazakhstan and has a population of 1.1 million. CONTACT: Ilona Dmitrieva, Moscow, Tel: +7 095 9569901 Mauro Crisafulli, Milan, Tel: +39 02 879087203 [2003-06-27]