Moody's повысило рейтинг евробондам КазТрансОйл до "Ваа3" с "Ва1"

/REUTERS, Лондон, 18.08.04/ - Международное рейтинговое агентство Moody's Investors Service повысило в среду рейтинг необеспеченных еврооблигаций казахстанской компании КазТрансОйл на сумму $150 миллионов с погашением в июле 2006 года до "Ваа3" с "Ва1". Прогноз рейтинга - положительный. Основной рейтинг самой компании также был повышен до "Ваа3" с "Ва1". В сообщении Moody's говорится, что повышение отражает рост стратегической важности полностью принадлежащей государству нефтетранспортной компании для укрепления экономики Казахстана. Ниже приводится оригинальное сообщение агентства на английском языке. MOODY'S UPGRADES KAZTRANSOIL'S $150M SNR UNSECURED NOTES FROM Ba1 TO Baa3, OUTLOOK POSITIVE London, 18 August 2004 -- Moody's Investors Service has today upgraded the rating of KazTransOil's $150m senior unsecured notes due July 2006 from Ba1 to Baa3 with positive outlook. The company's senior implied rating was also raised from Ba1 to Baa3. Moody's said the upgrades reflect the increasing strategic importance of the wholly state-owned oil transmission company to the strengthening economy and future development of Kazakhstan (sovereign rating Baa3, positive outlook). Going forward, Moody's expects the company's rating to move in line with that of the sovereign. The Kazakh economy is developing rapidly on the back of growing oil production and exports into the international markets. The continuation of this economic success is dependent on the parallel development of the country's domestic and export infrastructure. KazTransOil (KTO) continues to be a key instrument of the government in building out this infrastructure. The company has benefited from increasing export volumes from new oil fields coming on stream over the last few years and, while it has lost volume to the CPC pipeline, it has been less impacted by competition than had been anticipated by Moody's. As a result, the company has generated increasing levels of operating cash flow and has maintained a solid credit profile. Looking forward, Moody's expects that KTO's ambitious investment plans involving new export routes to west and east will result in increased leverage and may weaken the company's credit metrics. However, the rating agency notes that these plans will not be undertaken without Government support and the underpinning of committed ship-or-pay contracts from exporters and / or foreign importers. Alternatively, the development of new routes may be financed by the third parties. Moreover, Moody's takes comfort from the predominant proportion of KTO's regulated revenues (over 95%) and the high (and rising) returns permitted by its regulators to encourage its development, and believes that KTO will avoid overstretching itself. The result of this ongoing infrastructure build-out is, in Moody's view, that KTO is becoming of increasing strategic importance to the Kazakh economy and its rating should be more closely aligned with that of its ultimate owner. There are no plans for privatization, and Moody's believes that the Kazakh government would support the group in case of need. Consequently the agency has raised KTO's 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. This rating move is in line with the recent upgrade of Kazakhstan Temir Zholy, the state railway, to the sovereign level. Open Joint Stock Company KazTransOil, which is headquartered in Astana, is the owner and operator of the national oil transmission system of Kazakhstan, controlling around 80% of oil transmission in the country through its 6,500km of oil pipelines. In 2003 it transported over 34 million tonnes of oil and had revenues of over $390 million. The company is indirectly 100% state-owned through the state hydrocarbon conglomerate, KazMunaiGaz. [2004-08-18]