Fitch повысило рейтинг КазТрансОйла до "BB+" с "BB"

/REUTERS, Лондон, 09.11.04/ - Международное рейтинговое агентство Fitch Ratings повысило рейтинг казахстанской нефтепроводной госкомпании КазТрансОйл до "ВВ+" с "ВВ", прогноз - стабильный. Изменение связано с недавним повышением суверенного рейтинга Казахстана до "BBB-" с "BB+". Ниже приводиться оригинальный текст сообщения Fitch Ratings на английском языке. FITCH UPGRADES KAZTRANSOIL TO 'BB+'; OUTLOOK STABLE Fitch Ratings-London/Moscow-09 November 2004: Fitch Ratings, the international rating agency, has today upgraded the ratings of Kazakhstan-based OTC KazTransOil ("KTO") and its USD150 million notes to Long-term 'BB+' from BB'. KTO's Short-term rating is affirmed at 'B'. Following the upgrade, the Outlook is now Stable. The rating action follows the recent upgrade of Kazakhstan's sovereign rating to "BBB-' (BBB minus)/Stable from "BB+'/Positive, due to improved creditworthiness underpinned by the development of the country's oil and gas sector and the spill- over of high oil prices. The fast growth of the hydrocarbons sector has ensured that the oil and gas industry continues to dominate the economy. The rating reflects KTO's strategic importance to the state's oil and gas industry and the vital role it plays in the transportation of the country's oil production to export markets. The upgrade for KTO, however, is not automatically connected to the recent sovereign upgrade. The Stable Outlook foresees continued stability in Kazakhstan's macroeconomic environment, which has benefited KTO. Additionally, Kazakhstan's increasing oil production and growing importance in international oil markets mean KTO will continue to play a key role in the country's energy policy and will be able to rely on stable cash flow from regulated prices. Finally, long-term contracts and purchase agreements will assure that KTO continues to be an important oil transportation link to both Western European and Chinese consumers. Over the next 10 years, Kazakhstan's oil output is set to rise to around 3.5 million bpd from just over 1 million bpd, higher than current production levels in Norway and only slightly below output in Iran and Mexico. The company's business profile is enhanced by a conservative business plan in which management seeks to grow the company without over expanding or diversifying into unrelated business lines. Furthermore, KazTransOil enjoys good relations with its Russian counterpart Transneft and has several long-term contracts in place. Conversely though,, the company faces a regulated price environment and other state regulatory restrictions which at times can place downward pressure on its earnings potential. However, tariff regulation so far has proved to be relatively benign to the company's earnings, as the stable tariff structure has allowed it to be profitable. KazTransOil has an ambitious capital expenditure programme with management planning to connect and expand existing pipeline networks, while at the same time aiming to upgrade and modernise the network. Fitch sees this as a positive and believes the proposed expansion will significantly improve the company's operational importance and profit potential, especially its pipeline access to Chinese markets. Finally, KazTransOil's current leverage position is strong with a net debt/EBITDA ratio (excluding restricted cash) of only 0.2x in 2003, down from 0.7x in 2002. Although the company plans to increase leverage to take advantage of the tax shield an increased leverage position affords, Fitch expects the company's credit ratios to remain commensurate with the current rating. [2004-11-09]