Moody's повысило рейтинг Intergas Central Asia до "Ваа3" с "Ва2"

/REUTERS, Лондон, 18.08.04/ - Международное рейтинговое агентство Moody's Investors Service повысило основной рейтинг казахстанской газотранспортной компании Intergas Central Asia до "Ваа3" с "Ва2", а рейтинг эмитента - до "Ва1" с "Ва3"; прогноз изменения рейтингов - положительный, говорится в сообщении агентства. В нем говорится, что повышение рейтинга отражает растущую стратегическую значимость полностью контролируемой государством компании. При этом Moody's ожидает, что рейтинг Intergas Central Asia будет изменяться в соответствии с суверенным рейтингом Казахстана ("Baa3", прогноз - положительный). Ниже приводится оригинальный текст сообщения Moody's на английском языке. MOODY'S UPGRADES INTERGAS CENTRAL ASIA'S ISSUER RATING OF FROM Ba3 TO Ba1, SNR IMPLIED TO Baa3, BOTH RATING OUTLOOKS POSITIVE London, 18 August 2004 -- Moody's Investors Service has today upgraded the issuer rating of Intergas Central Asia, the state-owned gas transmission utility of Kazakhstan, from Ba3 to Ba1 with positive outlook, and the company's senior implied rating from Ba2 to Baa3, also with positive outlook. Moody's said the upgrades reflect the increasing strategic importance of this wholly state-owned company to Kazakhstan (sovereign rating Baa3, positive outlook). Going forward, Moody's expects the company's rating to move in line with that of the sovereign. Intergas Central Asia (ICA) benefits from increasing natural gas production in and exports from Kazakhstan but, above all, its revenues are driven by the rising transit of gas from Turkmenistan to Russia (and thence on to Western Europe). ICA's revenues are not regulated but negotiated on an annual basis with its shippers, principally Ba1-rated Gazprom. The predictability of ICA's tariffs is underpinned by Gazprom's 25-year gas supply contract with Turkmenistan, for whose gas there is no viable export route other than via ICA's pipelines across Kazakhstan. Moody's expects that these volumes will grow in the future as Gazprom requires increasing amounts of gas to fulfill its international supply contracts with Western European offtakers. ICA will also build out other gas pipelines, including possibly to China, which will involve significant capital expenditure. Having financed its move to Astana in 2003 and taken over the debt of KazTransGas, its parent company, earlier this year, ICA's debt has risen considerably since the end of 2002, and Moody's would expect it to continue rising if its more aggressive build-out plans are undertaken. However, the rating agency notes that ICA will not undertake such strategic developments unless it has Government approval and support and long-term ship-or-pay commitments in place from its counterparties. There are no plans for the privatization of ICA, and Moody's believes that the Kazakh government would support the group in case of need. Consequently the agency has raised ICA's senior implied rating to the sovereign level of Baa3 with positive outlook and expects the company's rating to move in line with that of the sovereign. ICA has already taken steps to reduce the level of structural and legal subordination that would weigh on its unsecured debt and Moody's believes that it will continue to do so. Moody's has today raised its senior unsecured issuer rating to Ba1, positive outlook, one notch below its senior unsecured rating, reflecting the existence of subordination. However, Moody's understands that ICA may issue Eurobonds later this year and notes that these may, subject to review of their indenture, be rated at the senior implied level, if ICA successfully refinances itself on an unsecured basis as is planned. Intergas Central Asia, headquartered in Astana, is the state-owned gas transmission company of Kazakhstan. With over 10,000km of trunk pipelines, it transmitted 117bcm of gas in 2003 and had revenues of over KZT52 billion ($362 million). The company is indirectly 100% state-owned through KazTransGaz and the state hydrocarbon conglomerate, KazMunaiGaz. [2004-08-18]