Moody's подтвердило рейтинговые оценки АО "Национальная компания "Продовольственная контрактная корпорация" (Казахстан), прогноз "Стабильный"

/Moody's Investors Service, Лондон, 13.09.10, перевод и заголовок KASE/ - Сегодня рейтинговое агентство Moody's Investors Service подтвердило корпоративный рейтинг (CFR) и рейтинг вероятности дефолта (PDR) АО "Национальная компания "Продовольственная контрактная корпорация" (ПКК) на уровне Ba3. Сегодняшнее присвоение рейтинга завершает пересмотр рейтинга компании, начавшийся 07 апреля 2010. Одновременно Moody's присвоило рейтинг (P)Ba3 привилегированным необеспеченным облигациям компании на сумму 22 млрд. тенге, эмиссия которых предстоит. Прогноз по корпоративному рейтингу компании "стабильный". Ниже приводится оригинальный текст сообщения Moody's на английском языке. Moody's changes the outlook on SB Sberbank's ratings to stable (Kazakhstan) Moscow, September 13, 2010 - Moody's Investors Service has today confirmed the corporate family rating (CFR) and probability of default rating (PDR) of JSC National Company Food Contract Corporation ("FCC") at Ba3. Today's rating action concludes the review on the company's rating initiated on 7 April 2010. At the same time, Moody's assigned a (P)Ba3 rating to the KZT22 billion senior unsecured bonds the company is planning to issue. The outlook on the company's CFR is stable. RATINGS RATIONALE Moody's Investors Service has today confirmed the corporate family rating and probability of default rating of JSC National Company Food Contract Corporation at Ba3. By virtue of its current ownership structure (100% owned by the Government of Kazakhstan via Kazagro), FCC is considered a government-related issuer (GRI). Thus, in accordance with Moody's GRI rating methodology, the ratings of FCC and of the proposed notes incorporate uplift from FCC's standalone credit quality measured by a Baseline Credit Assessment (BCA) of 16 (on a scale of 1 to 21 and equivalent to B3). The uplift to the BCA is driven by the credit quality of the state, as the sole shareholder, and Moody's assessment of strong support from its ultimate shareholder in the event of financial distress, as well as high default dependence between the company and the state. The rating conformation reflects the fact that the Government of Kazakhstan fulfilled its commitmentto makean equity contribution into the company's capital in full which has helped to buffer the capital structure. In addition, Moody's concerns with breached financial covenants under certain bank facilities are now alleviated with the repayment of such facilities in August 2010. At present FCC has reportedly no financial covenants. The BCA continues to reflect Moody's concerns with on-going weak operating and financial performance of the company which is reflected in further increase in leverage based on 1H 2010 financial results with Debt/EBITDA above 15x. At the same time Moody's notes that the elevated debt level shoud reduce in the second half of 2010 principally through expected material releases of working capital. Moody's (P)Ba3 rating on the proposed bond issue, at the same level of the CFR, is based on our understanding that while the bonds will not benefit from a guarantee from the issuer's subsidiaries, no debt class currently benefits from such guarantees or perfected liens on the assets of FCC and its subsidiaries. At the same time certain lenders do have access to security under certain circumstances which put them in a somewhat more favorable position; the agency has not notched nonetheless because of the limited size of these facilities in the capital structure. Should FCC's subsidiaries issue debt or should the company grant liens on its assets to certain categories of creditors, or otherwise increase the size of priority debt, ratings on the bonds could be lowered. Moody's is also not aware of a negative pledge clause protecting bondholders from subordination. Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavor to assign a definitive rating to the notes. A definitive rating may differ from a provisional rating. Downward pressure on the rating might occur if the company would not be able to maintain Debt /Book capitalization below 60% on a sustainable basis. The outlook on the company's rating is stable reflecting Moody's expectation that the lending banks and the Kazakh Republic will continue to remain supportive of the company to meet its financial commitments going forward in a timely manner. The last rating action was implemented on 21 December 2009, when Moody's downgraded to Ba3 from Ba1 the senior unsecured issuer rating of FCC. On 7 April 2010 the company's ratings were placed under review for possible downgrade. The principal methodology used in rating FCC is Moody's Rating Methodology for Government-Related Issuers ("GRIs") introduced in June 2005 and updated in July 2006 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. Headquartered in Astana, Kazakhstan, JSC National Company Food Contract Corporation is fully owned by the Kazakh Republic through the National Holding KazAgro. FCC's principal mandate is to maintain state grain reserves at the levels required to supply Kazakhstan and to ensure timely grain replenishment. At the end of December 2009 reported revenues at KZT56 billion, up from KZT35 billion the previous year. Revenue for first 6 months of 2010 was KZT34 billion. REGULATORY DISCLOSURES Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service's information. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history. The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information. Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery. Moscow Larissa Loznova Vice President - Senior Analyst Corporate Finance Group Moody's Eastern Europe LLC Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 Paris Eric de Bodard MD - Corporate Finance Corporate Finance Group Moody's France SAS JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moody's Eastern Europe LLC 7th floor, Four Winds Plaza 21 1st Tverskaya-Yamskaya St. Moscow 125047 Russia [2010-09-27]