Fitch повысило прогноз изменения рейтингов Казтрансойла дo "пoзитивнoгo"

/REUTERS, Лондон, 12.12.03/ - Международное рейтинговое агентство Fitch Ratings изменило прогноз рейтингов компании Казтрансойл и ее международных облигаций на сумму $150 миллионов на "позитивный" со "стабильного", говорится в сообщении агентства. При этом Fitch подтвердило основной необеспеченный рейтинг Казстрансойла на уровне "BB", краткосрочный рейтинг "B" и рейтинг облигаций на уровне "BB". Ниже приводиться оригинальный текст сообщения Fitch на английском языке. FITCH CHANGES KAZTRANSOIL'S OUTLOOK TO POSITIVE; AFFIRMS RATINGS Fitch Ratings - London - 12 December 2003: Fitch Ratings, the international rating agency, has changed the rating Outlook on Kazakhstan's OTC KazTransOil ("KTO") and its USD150 million notes to Positive from Stable. At the same time, the agency has affirmed the ratings for KTO at Senior Unsecured 'BB' and Short- term 'B' and its USD150 million notes at 'BB'. The Positive Outlook reflects KTO's modest future leverage, and favourable tariff environment, as well as the company's key position as the oil pipeline operator, within a core element of Kazakhstan's energy sector. The ratings also consider the regulatory system's relatively short track record, the systemic obsolescence within the existing networks, and Russian export quotas, as well as - to a lesser extent - the competitive threat posed by the new export pipeline for high-quality crude. KTO charges fixed tariffs in Kazakhstan tenge, which apply on a per tonne/1,000 km basis. A change in tariff setting methodology is being discussed, but Fitch does not anticipate any major change before 2005. Since the collapse of crude prices in 1998, the government has explicitly recognised the funding needs of KTO by both materially increasing tariffs and by reducing the state dividend to the current 10% of net profit until 2007, when it will be raised to 20%. The current ratings reflect the continuing level of state support, as well as the profile of KazMunaiGaz ("KMG"), an immediate state-owned holding company representing national interest in the oil and gas sector, and KTO's position within the group. Following the implementation of the remote management and control project in 2003, current investments are concentrated in the Alibekmola and Atyrau regions, and on construction of fibre optic telecommunication infrastructure. However, large-scale expansion projects are also being planned that may require extensive additional debt funding. Although KTO's key western pipeline was connected to the Aktobe (central) pipeline in 2003, some elements of the network are still under-utilised. The new pipeline is operated by KTO, but owned by MunaiTas, a joint venture 51%-owned by KMG and created to execute the project. KMG is considering transferring its 51% to KTO; such a move is not expected to affect the ratings materially. Gross debt to EBITDA ratio stood at 1.0x at FYE02, compared with 1.5x at FYE01; which is strong for the current rating category. With debt relatively stable at USD199 million at FYE02 (vs. USD193m at FYE01), the improvement was driven by a 60% increase in EBITDA to USD205m during the year as a result of increased transportation (with stable tariffs) and cost savings. The credit protection measures are expected to remain strong, although they could be affected by major expansionary capex projects undertaken in the future. At 1 September 2003 USD82m of KTO's c.USD274m cash reserves was deposited as security for a loan to MunaiTas. Fitch treats this cash as restricted, i.e. it is excluded from net debt-based ratios. Another USD18m deposit is collateralised on behalf of sister company Intergas CA. While this does not represent a liquidity concern, it runs somewhat contrary to KMG's reassurances of cash separation within the group. The ratings may be upgraded in the future if the currently favourable tariff environment is sustained, and KTO's network assets and cost structure are further rationalised. Any evidence of cross-subsidy from KTO to other parts of KMG group will be viewed negatively. Contacts: Josef Pospisil, London, Tel: +44 20 7417 4266; Larissa Malycheva, +44 20 7417 4207; Jeffrey Woodruff +44 20 7862 4101 Media Relations: Campbell McIlroy +44 20 7417 4327, London [2003-12-12]