Moody's присвоило предварительный рейтинг "Baa2" предстоящему выпуску облигаций АО "Национальная компания "КазМунайГаз" (Казахстан) на сумму $1,7 млрд, прогноз "Негативный"

/Moody's Investors Service, Лондон, 11.06.10, перевод и заголовок KASE/ - Сегодня международное рейтинговое агентство Moody's Investors Service присвоило предварительный рейтинг "Baa2" предстоящему выпуску облигаций АО "Национальная компания "КазМунайГаз" на сумму 248 650 000 000 тенге (1,7 миллиарда долларов), которые будут выкуплены АО "Разведка Добыча "КазМунайГаз", что, таким образом, является внутренней операцией группы. Прогноз по рейтингу "Негативный". Облигации будут деноминированы в тенге, платежи по облигациям будут индексированы к биржевому курсу доллара к тенге. Ожидается, что срок погашения облигаций наступит через три года и процентная ставка будет равна 7 % годовых. Поступления от выпуска облигаций будут использованы Группой компаний КазМунайГаз для оплаты долгов и расходов на общие корпоративные цели. Обязательства по облигациям будут равны обязательствам по всем старшим необеспеченным и несубординированным облигациям АО "Национальная компания "КазМунайГаз". Ниже приводится оригинальный текст сообщения Moody's на английском языке. Moody's assigns provisional rating of (P)Baa2 to KazMunayGas's local bond issue; negative outlook Moscow, June 11, 2010 - Moody's Investors Service has today assigned a provisional rating of (P)Baa2 to an upcoming domestic bond issue of KZT248,650,000,000 (US$1.7 billion). The bond will be issued by JSC National Company KazMunayGas ("KMG NC") - the holding company of the Kazmunaygas Group ('KMG') - and will be purchased by the KMG Group's main exploration and production (E&P) subsidiary, Kazmunaigas E&P, and thus represents an intragroup transaction. The outlook on the rating is negative. The bond will be denominated in Kazakh tenge and the payment under the bond will be indexed to US$/KZT exchange rate. The bond is expected to have a three-year maturity and will have a coupon rate of 7% per annum. The proceeds raised from the issuance are expected to be used by KMG to repay debt and for general corporate purposes. The obligations under the bond will rank pari passu with all senior unsecured and unsubordinated obligations of the KMG NC. Upon a conclusive review of the transaction and associated documentation, Moody's will assign a definitive rating to the bond. A definitive rating may differ from a provisional rating. Moody's regards KMG NC as a government-related issuer (GRI) and ratings therefore incorporate uplift from KMG's baseline credit assessment of 12 (on a scale of 1 to 21, where 1 represents the lowest credit risk) to reflect a high implied state support assumption and the company's medium dependence. Moody's will monitor the group's performance over the next 12-18 months closely. The rating agency cautions that the company will need to execute its business plan flawlessly in 2010 and 2011 if it is to achieve its leverage target of 2.5x on a total consolidated debt-consolidated EBITDA basis and improve the adjusted RCF-net debt ratio to approximately 40% by the end of 2010 as is currently anticipated. Moody's also expects the ratio of adjusted debt-total capitalisation to remain below the 50% threshold. An improvement in financial metrics should be accompanied by a prudent capex policy and a good track record of delivering key projects on time and without material cost overruns. Good liquidity management - to be illustrated by the group's ability to access its cash resources in a timely manner, generate sufficient cash to meet growing capex needs and raise necessary funding for the implementation of key projects - is another critical factor for the rating. Moody's also believes that KMG NC currently has very limited capacity for material acquisitions. As a result, any step- up in M&A activity unsupported by an adequate stream of incremental cash flows will put pressure on the rating. The last rating action on KMG NC was implemented on 16 April 2010 when Moody's affirmed the Baa2 issuer rating of JSC National company KazMunayGas with a negative outlook. Please refer to Moody's press release dated 16 April 2010 accompanying this rating action for more details. Moody's believes that since the time of its last review of KMG NC's ratings in April 2010, there have been no material changes to the group's financial performance and/or material alterations to its cash flow forecast for 2010 and 2011 that would cause Moody's to consider a repositioning of the ratings. 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 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. Headquartered in Astana, Kazakhstan, KMG NC is a wholly-state-owned (through the Samruk-Kazyna 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 2009, the company generated around US$10.8 billion in revenues and EBIT of US$3.3billion. 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 VP - Senior Credit Officer Corporate Finance Group Moody's Eastern Europe LLC Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 [2010-06-14]