Moody's присвоило окончательный рейтинг Ba3 облигациям АО "Национальная компания "Продовольственная контрактная корпорация" (Казахстан)

/Moody's Investors Service, Лондон, 07.12.11, перевод и заголовок KASE/ - Лондон, 7 декабря 2011 г. - Рейтинговое агентство Moody's Investors Service сегодня присвоило окончательный рейтинг Ba3 и оценку потерь в случае дефолта LGD-4 7,5-процентным облигациям на общую сумму 40 миллиардов тенге (около 270 миллионов долларов США) АО "Национальная Компания Продовольственная Контрактная Корпорация", крупнейшего зернового трейдера в Казахстане. Окончательные параметры облигаций соответствуют проектным характеристикам, на основании которых был присвоен предварительный рейтинг на уровне (P)Ba3. Ниже приводится оригинальный текст сообщения Moody's на английском языке. London, 07 December 2011 - Moody's Investors Service has today assigned a definitive Ba3 rating and a loss-given default assessment of 4(LGD-4) to the KZT40 billion (around USD270 million) worth of 7.5% bonds of JSC National Company Food Contract Corporation (FCC), the largest grain trader in Kazakhstan. The final terms of the bonds are in line with the drafts reviewed for the provisional (P)Ba3 instrument rating assignment. RATINGS RATIONALE Moody's definitive rating on this debt obligation is in line with the provisional rating assigned on 27 October 2011. Moody's ratings rationale was set out in a press release issued on that date. PRINCIPAL METHODOLOGY FCC's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside FCC 's core industry and believes FCC's ratings are comparable to those of other issuers with similar credit risk. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009 and the Government-Related Issuers methodology published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies. FCC's principal mandate is to maintain state grain reserves at the levels required to supply the Kazakh population, to ensure timely grain replenishment and to provide loans to farmers. The company is also responsible for keeping accounting records and monitoring the quality, quantity and security of state grain resources. The company has the rights to perform commercial operations - on behalf of the state - related to grain sales and other non-oil related activities such as cotton production, bio-diesel and bio-ethanol production, and more recently horticultural production. At the end of December 2010, FCC reported revenues of KZT79 billion (around USD530 million) and EBIT of KZT11.4 billion (around USD75 million). REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information. Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating. Moody's adopts all necessary measures so that the information it uses in assigning a 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. Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information. Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests. Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter. Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery. Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Sergei Grishunin Asst Vice President - Analyst Corporate Finance Group Moody's Investors Service Limited, Russian Branch 7th floor, Four Winds Plaza 21 1st Tverskaya-Yamskaya St. Moscow 125047 Russia Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 David G. Staples MD - Corporate Finance Corporate Finance Group Telephone: 00971 4237 9536 Releasing Office: Moody's Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 [2011-12-09]