Moody's повысило рейтинговые оценки АО "RG Brands" (Казахстан), прогноз "Стабильный"

/Moody's Investors Service, Лондон, 19.09.12, перевод и заголовок KASE/ - Рейтинговое агентство Moody's Investors Service сегодня повысило с B3 до B2 корпоративный рейтинг группы компаний (CFR) и рейтинг вероятности дефолта (PDR) АО "RG Brands" (RG Brands), крупнейшей казахстанской частной компании по производству продуктов питания. Прогноз по рейтингам - стабильный. Ниже приводится оригинальный текст сообщения Moody's на английском языке. London, 19 September 2012 - Moody's Investors Service has today upgraded to B2 from B3 the corporate family rating (CFR) and probability of default rating (PDR) of JSC RG Brands (RG Brands), Kazakhstan's leading private food and beverage company. The outlook on the ratings is stable. RATINGS RATIONALE "Today's rating action was prompted by the fact that RG Brands has recently delivered on financial targets, including a reduction in leverage, measured as adjusted debt/EBITDA, to below 3.5x in the last 12 months ended 30 June 2012 and the maintenance of an adjusted EBITA margin and funds from operations /debt above 10% in the past 18 months," says Sergei Grishunin, a Moody's Assistant Vice President - Analyst and lead analyst for RG Brands. The recent improvements in RG Brands' credit metrics were driven by a decrease in its adjusted debt to KZT15.8 billion (around $105 million) as of 30 June 2012 from KZT21.2 billion (around $142 million) as of 31 December 2011. The improved metrics were also driven by a strengthening of the company's profitability and cash flow generation, on the back of (1) extensive product innovations, reflected by the launch of new high-margin single-serve and high value-added products, packaging and flavours, as well as improved sales and marketing initiatives; (2) the gradual increase in the level of disposable income among the population of Central Asia, as a result of which more is being spent on food and beverages; and (3) the company's penetration of markets of neighbouring Commonwealth of Independent States (CIS) countries. Moody's expects that RG Brands' operating performance will continue to improve in line with its business plan. Specifically, the rating agency expects that the company will be able to sustain its credit metrics, including adjusted debt/EBITDA below 3.5x and an adjusted EBITA margin and adjusted funds from operations (FFO)/net debt above 10% in the next 12-18 months, while maintaining a good liquidity position. In Moody's view, RG Brands' liquidity position has improved since 2011. This improvement was underpinned by the company's stronger cash flow generation and multi-year available committed facilities. RG Brands has cash reserves, committed lines and inflows of around KZT12,9 billion (approximately $86 million) over the next 18 months (starting from Q3 2012). Moody's expects that these reserves will be sufficient to cover the company's debt maturities, working capital requirements and capital expenditure (capex) in the same period. RG Brands' liquidity position may be further enhanced by (1) the discretionary nature of the company's capex; and (2) its historical ability to lease fixed assets instead of purchasing them. RG Brands' ratings continue to be constrained by (1) the company's relatively small scale of operations in the global context; (2) material related party transactions; and (3) its exposure to CIS-related risk factors. However, more positively, the ratings also assume that RG Brands will continue to benefit from (1) its leading position in Central Asian markets; (2) the diversified nature of its product portfolio, which includes strong brand names; (3) the long- term nature of its exclusive bottling agreement with PepsiCo; and (4) its developed distribution network. The stable outlook on RG Brands' ratings reflects the stable macroeconomic environment in Kazakhstan and Moody's assumption that the company and its industry should benefit from robust growth for a number of years. The rating agency expects that this growth will translate into improved company operating and financial metrics, as per its business plan. WHAT COULD CHANGE THE RATINGS UP/DOWN Moody's does not envisage positive pressure being exerted on RG Brands' rating in the next 12-18 months. Moody's would consider upgrading the rating if RG Brands were to materially increase its revenue generation while maintaining a meaningful market share in key markets, as well as demonstrating further improvements in financial metrics such as adjusted debt/EBITDA at below 2.5x and FFO/debt above 30%. In addition, to consider a rating upgrade, Moody's would expect RG Brands to maintain a satisfactory liquidity position, and comply with all its debt covenants. Conversely, the ratings could come under pressure if weaker-than-anticipated conditions in RG Brands' key markets, or any other credit factors such as financial policies including capital outlays and/or dividend distributions, were to result in (1) its adjusted debt/EBITDA increasing to, and remaining, above 3.5x; (2) its adjusted EBITA margin declining to, and remaining, below 10%; (3) its cash flow generation deteriorating and resulting in FFO/debt falling below 10%; and (4) its liquidity position eroding. The principal methodology used in rating RG Brands was the "Global Packaged Goods Industry" rating methodology, published in July 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. JSC RG Brands is a leading private food and beverage company with its own manufacturing and distribution capacities. The company's operations are predominantly in the Republic of Kazakhstan and Central Asia. As of end-2011, RG Brands reported revenue of approximately KZT31 billion (around $220 million) and adjusted EBITDA of KZT4.6 billion (approximately $31 million). [2012-09-20]