Moody's повысило рейтинг электросетей KEGOC (Казахстан) до Ваа3

/REUTERS, Алматы, 07.12.04/ - Рейтинговое агентство Moody's повысило рейтинг казахстанской госкомпании по управлению электросетями KEGOC до Ваа3 с В1, присвоив ему позитивный прогноз, сообщило агентство. Рейтинг отражает низкий уровень рисков KEGOC, монопольный характер ее бизнеса, поддержку со стороны правительства и растущую важность компании для Казахстана. В то же время Moody's отмечает низкую надежность многих участков электросети и необходимость в значительных инвестициях. Ниже приводиться оригинальный текст сообщения агентства Moody's на английском языке. MOODY'S UPGRADES KEGOK (KAZAKHSTAN) TO BAA3 FROM B1; POSITIVE OUTLOOK NEW YORK, Dec 6 - Moody's Investors Service has today upgraded to Baa3 from B1 the long-term issuer rating of Kazakhstan Electricity Grid Operating Company ("KEGOC"), the state-owned electricity transmission grid owner and system operator of Kazakhstan. The rating outlook is positive. According to Moody's, the upgrade reflects KEGOC's low-risk, regulated monopoly business profile, its ownership and support from the Government and its increasing strategic importance to Kazakhstan's economic growth. KEGOC's revenues are regulated by the country's Agency on Regulation of Natural Monopolies, although there is no fixed tariff period. Moody's notes that the regulatory framework is still developing, but has been generally favourable to Kegoc so far, and the upgraded rating reflects Moody's expectation that this will continue to be the case. However, Moody's cautions that Kazakhstan's transmission grid infrastructure suffers from poor reliability in some areas and requires major capital expenditure in order to improve the quality of electricity supplies and manage the expected rapid growth in volumes. Moreover, although Moody's expects KEGOC's leverage to increase over the short to medium term as it carries out the investment necessary, Government support for the successful completion of these infrastructure projects substantially mitigates the financial risk involved. KEGOC is also responsible for implementing the Government's plans for the liberalisation of the Kazakhstani electricity market. Whilst Moody's believes that this may expose the company to some greater operating risks over the short term, the rating agency anticipates that, in the medium term, the potential for increased electricity transmission volumes resulting from a liberalised market may benefit KEGOC. There are no plans to privatise KEGOC, and Moody's believes that the Kazakhstani government would support the group in case of need. Looking ahead, Moody's expects the company's rating to move in line with that of the sovereign (rated Baa3, positive outlook). Kazakhstan Electricity Grid Operating Company (KEGOC), headquartered in Astana, is the state-owned electricity transmission company and system operator of Kazakhstan. With over 23,606 km of electricity transmission networks, the company had revenues of over KZT15.7 billion ($106 million) in 2003. The company is 100% state-owned through the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan. [2004-12-07]