S&Р повысило прогноз изменения рейтинга Казтрансойла до "позитивного"

/REUTERS, Нью-Йорк, 05.11.03/ - Международное рейтинговое агентство Standard & Poor's повысило прогноз изменения рейтинга компании Казтрансойл до "позитивного" со "стабильного", говорится в сообщении агентства. Помимо этого, S&P подтвердило долгосрочный корпоративный кредитный рейтинг компании-оператора трубопроводов и ее основной необеспеченный долговой рейтинг на уровне "ВВ". Действия агентства обусловлены полной оценкой компании после повышения рейтингов Казахстана 28 мая 2003 года (в иностранной валюте ВВ+/Stable/B; в местной валюте ВВВ-/Stable/A-3). Ниже приводится полный текст сообщения агентства на английском языке: LONDON (Standard & Poor's) Nov. 5, 2003 - Standard & Poor's Ratings Services said today it revised its outlook on the Kazakhstan-based oil pipeline operator KazTransOil (KTO) to positive from stable. At the same time, Standard & Poor's affirmed its 'BB' long-term corporate credit and senior unsecured debt ratings on the company. The rating action follows a full-scale review of the company after the upgrade of the Republic of Kazakhstan (foreign currency BB+/Stable/B; local currency BBB-/Stable/A-3) on May 28, 2003. The ratings on KTO are constrained by its high operational dependence on the Russian Federation and its monopoly pipeline operator OAO AK Transneft (foreign currency BB/Stable/--; local currency BB+/Stable/--) to enable the export of oil. The ratings are also constrained by: KTO's diminishing role in the export of crude oil by Kazakhstan following the launch of the Caspian Pipeline Consortium (CPC) project in 2001; the requirement for considerable investment in KTO's infrastructure; and the constraints of operating within an emerging economy. These risks are offset at this rating level by the strategic importance of KTO to its owner, state-owned KazMunaiGas (KMG), and the Kazakh economy, supportive and increasingly transparent regulation, the existence of a long-term agreement between Russia and Kazakhstan guaranteeing minimum oil off-take volumes, and KTO's robust financial profile. The rating on KTO is dependent on KMG's overall credit standing. KMG is very important to the central government and therefore may receive some direct or indirect support. More time is needed for KMG to prove commitment to its declared business and financial strategy, however. KTO is dominant in the Kazakhstan oil transportation market. KTO's market position and further growth prospects are not expected to deteriorate materially following the launch and development of CPC. The negative effect of CPC's operations on KTO's market position is likely to be offset by rapid growth in oil production in Kazakhstan and the expected launch of new pipeline routes. "The ratings assume that KTO will continue to maintain a strong balance sheet over the next five years, with total debt to total capital not rising to more than 30%-35%," said Standard & Poor's Infrastructure Finance credit analyst Mikhail Galkin. "We expect the company's funds from operations interest coverage to remain strong at more than 6.0x over the same period. If new investments are backed by long-term off-take contracts, the targets on debt and interest coverage ratios may be revised." ANALYST E-MAIL ADDRESSES mikhail_galkin@standardandpoors.com paul_lund@standardandpoors.com InfrastructureEurope@standardandpoors.com [2003-11-05]