Fitch подтвердило рейтинг BB+ для Казахстан Темир Жолы

/REUTERS, Лондон, 11.10.04/ - Международное рейтинговое агентство Fitch подтвердило рейтинг "BB+" государственной компании Казахстан Темир Жолы (Железные дороги Казахстана), говорится в сообщении агентства. Прогноз рейтинга - позитивный. Ниже приводится оригинальный текст сообщения Fitch Ratings на английском языке. FITCH AFFIRMS KAZAKHSTAN TEMIR ZHOLY'S 'BB+' RATING Fitch Ratings-London-11 October 2004: Fitch Ratings, the international rating agency, has affirmed the 'BB+' Senior Unsecured foreign currency rating for Kazakhstan Temir Zholy ("KTZ"), the national railway provider in Kazakhstan. The rating Outlook is Positive. Fitch's sovereign rating for Kazakhstan is also BB+', Outlook Positive. Government ownership and expected support towards KTZ, if required, aids the credit rating of this entity. The rail infrastructure, mainly used for freight traffic, is also of strategic national importance to the republic's economy. Furthermore, KTZ's board is primarily made up of government appointees, and the anti- monopoly agency sets the company's domestic tariffs. The setting of domestic tariffs has recently been modified to include more economic rationale, although it is still tinged with other political considerations. Any change in the current ownership structure of KTZ requires parliament approval. Recent new debt financing for KTZ has not been explicitly guaranteed by the state. Kazakhstan's rail infrastructure provides key transport arteries from Asia to the West using KTZ's Northern Corridor on the Trans Asian Railway; the Central Corridor (Siberian rail route) which accesses infrastructure connecting up to Western Europe and the Baltics; and on the western side, the TRACECA route links to Aktau port - Kazakhstan's only gateway to the sea. Commodities transported include coal, ore, oil, grain and others (such as consumer goods and raw material from/to China). By revenue the most important commodities are oil and coal. Oil is mainly exported, whereas coal is for internal and external use. Oil income has been under threat as new pipelines in the north west have reduced rail volumes. Internal tariffs (30-35% of freight income) are set to increase significantly in H204 to address the foreseeable loss of oil-related income and to instil an economic discipline of commodities covering KTZ's attributable costs. This increase is expected to upset the domestic coal mines in particular. Such tariffs have been agreed with the anti-monopoly commission. International tariffs (c.50% of freight turnover) and transit (c.15%) are set by CIS-related rail bodies. As part of the on-going programme of rail reform and privatisation, by December 2004 non-core supporting facilities are to be sold outright to private enterprises, including locomotive and wagon repair, and track maintenance. KTZ is hoping that this will result in competitive pricing, and neighbouring countries bringing in new capacity (particularly in track maintenance). Passenger Services, hitherto subsidised within KTZ, is expected to be demerged or government-related subsidies increased. KTZ is a profitable entity, although FY03's pre-capex (capital expenditure) cashflow did not entirely cover some TENGE 61 billion (USD390 million) of capex. On-going capex of around TENGE 50bn is expected to be aided by receipts from the above disposals and improved profits. The group's leverage is low with YE03 net debt of TENGE 5.3bn (USD34m). Fitch's full report on the company, encompassing a description of the Kazakhstan rail network, is available to subscribers on www.fitchresearch.com. [2004-10-11]