Moody's Investors Service повысило рейтинг нот PetroKazakhstan Finance B.V. с "B1" до "Ba3", прогноз "стабильный"

/ИРБИС, 14.11.03/ - Агентство Moody's Investors Service сообщило 10 ноября 2003 года о повышении кредитного рейтинга нот PetroKazakhstan Finance B.V. с "B1" до "Ba3". Изменение рейтинга отражает успешную работу основных дочерних структур компании PetroKazakhstan Inc, чей рейтинг также был повышен до уровня Ba3. Прогноз рейтинга - стабильный. Ниже приводиться оригинальный текст сообщения Moody's Investors Service на английском языке. MOODY'S UPGRADES PETROKAZAKHSTAN'S RATING FROM B1 TO BA3, OUTLOOK STABLE London, 10 November 2003 - Moody's Investors Service has today raised the rating of PetroKazakhstan Finance B.V.'s $125 million 9.625% guaranteed notes due 2010 from В1 to ВаЗ. The rating is based оn the guarantee of the principal operating subsidiaries of PetroKazakhstan Inc ("PKZ") whose senior implied and issuer ratings have also been raised to Ba3 due to improvements in the group's underlying performance. The rating outlook is stable. Moody's said the rating upgrade to Ba3 reflects PetroKazakhstan's improved fundamentals and credit profile founded on its increasing reserve base and growing low-cost production, as well as its strengthened cash flow and improved financial flexibility. While unsustainably high oil prices have underpinned the latter, lower anticipated transportation costs and the company's relatively conservative financial parameters support the upgrade. At the same time, however, Moody's remains concerned about PKZ's short reserve life and the need for it to develop new reserves in the near term in order to maintain and increase future production levels, about the company's likely acquisitiveness and its ongoing exposure to Kazakh country risk. The Ba3 debt rating reflects the comparatively low amount of debt in PKZ's capital structure which is more senior than the notes. Moody's indicates that the guaranteed notes could be notched down in the future if the level of secured debt were to rise materially. PetroKazakhstan has achieved а sound financial track record over the past three years on the back of cyclically high international oil prices and rapid production growth. While debt has risen on а gross basis, the company has built up cash over the past twelve months. This is despite an expanded capex programme to upgrade its transportation links and refinery product slate in addition to its соrе focus on the exploration and development of new reserves. Coverages, cash flow to debt, and debt to reserves measurements have strengthened and соmраrе favourably with its peers. The company enjoys low-cost production and premium export sales prices from the shallow location and good-quality of its reserves. The opening of its КАМ- pipeline and agreement to begin utilising the СРС pipeline should result in а reduction in PKZ's relatively high third-party transportation tariffs which form its single largest operating cost, making PKZ better able to withstand future lower oil price scenarios. In conjunction with this, the rating assumes that PKZ will adhere to its financial policies in relation to interest coverage and cash flow to debt parameters which should ensure financial stability going forward. That said, in view of its relatively low developed (and indeed total) reserves compared to its burgeoning production, PetroKazakhstan will need to invest in the near term to increase its reserves base and bring new reserves into production. The company expects that its internal exploration efforts, particularly in North Nurali, will be highly fruitful. In addition, however, taking into account the company's current cash position, Moody's believes that PKZ may well be acquisitive, although the rating agency does not anticipate, nor the new rating encompass, that such activity will be of а scale to stretch its financial situation. Should external growth opportunities not arise, Moody's foresees the prospect that surplus cash may be returned to shareholders or used to fund PKZ's share buyback programme. Moody's notes that PKZ is unlikely to expand its company remains therefore highly exposed to Kazakh influence оn its operations. In expanding its upstream activities and assuming more normalized oil prices, PKZ's gross debt will, in Moody's expectation, likely continue to rise. At present, taking into account the capital structure and high asset coverages, Moody's has maintained PKZ's note rating at the senior implied level. The rating agency would, however, point out that increases in the overall and relative amounts of secured and unsecured debt may lead to future notching down of unsecured ratings if such debt becomes materially subordinated to other liabilities. PetroKazahstan Finance B.V. is а special purpose finance vehicle and indirect wholly-owned subsidiary of PetroKazahstan, Inс, formerly known as Hurricane Hydrocarbons Ltd. PetroKazahstan, Inc, headquartered in Calgary, Alberta, Canada, is an integrated oil company which operates in central and southern Kazakhstan. The other guarantors are PetroKazahstan's principal up- and downstream operating subsidiaries in Kazakhstan. [2003-11-14]