Moody's присвоило рейтинг госкомпании Казахстана по страхованию займов

/REUTERS, Нью-Йорк, 05.11.04/ - Международное рейтинговое агентство Moody's впервые присвоило рейтинги государственной компании Казахстана по страхованию экспортных кредитов и инвестиций. Созданной в феврале 2004 года компании присвоен рейтинг финансовой устойчивости "Bа1", прогноз стабильный. Ниже приводиться оригинальный текст сообщения Moody's на английском языке. NEW YORK, Nov 4 - Moody's Investors Service announced today that it had assigned a first-time insurance financial strength rating of Ba1 to the State Insurance Corporation for the Insurance of Export Credit and Investment of Kazakhstan (Kecic). The rating outlook is stable. Headquartered in Almaty, Kazakhstan, Kecic was founded in August 2003 and started operations in February 2004. It is 100% owned by the Republic of Kazakhstan and is mandated to be the primary provider of export credit insurance in the country, both commercial and political. In addition, it is Kecic's intention to become a leading reinsurer in Kazakhstan by offering reinsurance protection to Kazakh and Russian cedants, initially focussing on property lines. Moody's stated that the newly assigned rating reflected Kecic's very strong capitalisation, conservative investment policy and ownership by the Republic of Kazakhstan. In Moody's view, Kecic is well positioned to tap into the profitable Kazakh reinsurance market by exploiting its strong capital base. The company is expected to achieve a level of profitability commensurate with its current rating through a combination of strong underwriting performance in reinsurance and a circumspect investment policy. Nevertheless, total premiums, both from export credit insurance and inward reinsurance, are expected to remain low as a percentage of Kecic's shareholders equity over the medium term, which in Moody's view is a credit positive. The rating agency noted that Kecic's investment strategy was highly conservative, with most of the asset portfolio invested in Kazakh government bonds (Baa1 local currency debt rating and Baa3 foreign currency debt rating). A departure from this strategy with a view of increasing exposure to lower-rated fixed income instruments or common equities could, in Moody's view, put downward pressure on Kecic's rating. In addition, Moody's expects that Kecic will put in place a comprehensive reinsurance programme as it develops its inward reinsurance business. On the negative side, Moody's noted that Kecic had yet to establish a track record of profitability in both export credit insurance and active reinsurance. Notwithstanding the low loss ratios prevalent in the Kazakh reinsurance market over the last few years, achievement of profitability would be predicated on a high degree of underwriting acumen and sophisticated risk management. Furthermore, over time Kecic may accumulate a sizeable commercial credit and political risk exposure to the main trading partners of Kazakhstan, such as China, Russia, Iran and Central Asian countries which may render the liability side of its balance sheet vulnerable to adverse developments in those countries. Moody's stated that the current rating was predicated on a substantial enhancement of Kecic's risk management systems and processes as the company's exposure increases. In addition, Moody's expects that the Republic of Kazakhstan will not withdraw substantial amounts of capital from the company as the exceptionally strong capitalisation is one of the key factors supporting the rating at its current level. Kecic had Shareholders Equity of KZT 8,096 million and Total Assets of KZT 8,284 million as of 30 September 2004. During the first 9 months of 2004, it recorded Net Income of KZT 304 million. The following rating was assigned: The State Insurance Corporation for the Insurance of Export Credit and Investment of Kazakhstan (Kecic) -- Ba1 insurance financial strength rating, stable outlook London. [2004-11-05]