Fitch подтвердило рейтинговые оценки АО "Национальная компания "КазМунайГаз" (Казахстан), прогноз "Стабильный"

/Fitch Ratings, Лондон, 24.06.10, перевод и заголовок KASE/ - Сегодня Fitch Ratings подтвердило долгосрочные рейтинги дефолта эмитента (РДЭ) АО "Национальная компания "КазМунайГаз" (Астана) в иностранной и национальной валютах на уровне "BBB-" и "BBB" соответственно. Fitch также подтвердило рейтинг старшего необеспеченного долга АО "Национальная компания "КазМунайГаз" на уровне "BBB-" и краткосрочный РДЭ в иностранной валюте на уровне "F3". Прогноз по рейтингам - "Стабильный". В соответствии с применяемой Fitch методикой связи рейтингов материнской и дочерней компаний рейтинги АО "Национальная компания "КазМунайГаз" находятся на одном уровне с рейтингами Казахстана ("BBB-"/"Стабильный") вследствие сильных юридических, стратегических и операционных связей группы с материнской организацией (в конечном счете, государством). Эта точка зрения поддерживается важностью нефтегазового сектора для казахстанской экономики и статусом компании как органа, представляющего интересы государства в данной отрасли, во многом выигрывающей от благоприятной среды деятельности и поддержки государства в переговорах в отношении владения проектами и структур фондирования. Тем не менее, Fitch отмечает, что текущий финансовый и операционный профиль АО "Национальная компания "КазМунайГаз" слабее, чем профиль конкурентов, имеющих рейтинг на уровне "BBB-". Ниже приводится оригинальный текст сообщения Fitch Ratings на английском языке. Fitch Affirms KazMunaiGaz National Company at 'BBB-'; Outlook Stable Fitch Ratings-London-24 June 2010: Fitch Ratings has today affirmed Kazakhstan-based KazMunaiGaz National Company's (NC KMG) Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BBB-' and 'BBB' respectively. Fitch has additionally affirmed NC KMG's senior unsecured rating at BBB-' and Short-term foreign currency IDR at 'F3'. The Outlooks for the Long-term IDRs are Stable. According to Fitch's 'Parent and Subsidiary Rating Linkage Methodology', NC KMG's ratings are aligned with those of Kazakhstan ('BBB-'/Stable), due to the group's strong legal, strategic and operational ties with the parent (ultimately, the state). This is underpinned by the importance of the oil and gas sector to the Kazakh economy, and the company's status as an agency representing the state's interests in the industry, which benefits from a favourable operating environment, and state support in negotiations for project ownership and funding structures. However, Fitch notes that NC KMG's current financial and operational profile is weaker than that of its 'BBB-' rated oil and gas peers. NC KMG's ratings also reflect the group's diversified business operations as a vertically integrated oil and gas company with access to all pipeline routes, which secures its export potential. The ratings also take into account the fact that the company is unfavourably positioned compared with its peers based on leverage- related ratios, with FY09 funds from operations (FFO) adjusted leverage of 4.6x (2.4x in 2008). Given NC KMG's acquisitive strategy and intensive investment programme of about USD20.1bn over 2010-2014, Fitch expects the company to remain free cash flow negative over the next three years and does not anticipate any material deleveraging in 2010-2011, which is likely to constrain its headroom for covenant compliance. Based on NC KMG's calculation of FY09 EBITDA and in line with the definition in the bond prospectus, FY09 gross leverage was covenant compliant. Fitch would view non-compliance with financial covenants as a negative rating factor. In addition, if a deterioration of the group's credit metrics persists, Fitch would expect the state's commitment to provide support to become more explicit. The agency would reassess its rating approach (eg the rating alignment with the sovereign) in the event of evidence of weakening state support to NC KMG. Furthermore, NC KMG remains exposed to the risks inherent in the domestic banking system. Given that, Fitch continues to treat its cash position at BTA Bank (RD) as restricted and places greater emphasis in its analysis on gross leverage-related ratios rather than net figures. The group's FYE09 short-term debt of KZT452.7bn (USD3bn) was not onerous as a portion of its total debt (21%) and in relation to its cash position. However, NC KMG will need to source additional funding in view of Fitch's expectations of the company's negative free cash flow generation in 2010-2011, and limited access to its cash position held with domestic banks. The ratings also reflect that NC KMG still operates on a relatively small scale compared with its Russian and international peers, although this is somewhat mitigated by its high organic reserve replacement rate and reserve life. Applicable criteria, 'Corporate Rating Methodology', dated 24 November 2009, and 'Parent and Subsidiary Rating Linkage Methodology', dated 19 June 2007, are available on Fitch's website at www.fitchratings.com. Contact: Angelina Valavina, London, Tel: +44 (0) 20 7682 7383; Jeffrey Woodruff, +44 (0) 20 7682 7322. Media Relations: Anna Bykova, Moscow, Tel: + 7 495 956 9903, Email: anna.bykova@fitchratings.com; Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 4364, Email: peter.fitzpatrick@fitchratings.com. Additional information is available at www.fitchratings.com. [2010-06-25]