S&P присвоило Казпочте долгосрочные рейтинги "BB+"

/REUTERS, Нью-Йорк, 29.06.05/ - Международное рейтинговое агентство Standard & Poor's присвоило АО Казпочта (Казахстан) долгосрочные рейтинги эмитента в иностранной и местной валюте на уровне "BB+" со стабильным прогнозом, говорится в сообщении S&P. Одновременно с этим агентство присвоило Казпочте, 100 процентов акций которой принадлежит государству, рейтинг по национальной шкале на уровне "kzAA-". Рейтинги отражают статус Казпочты как госкомпании и сильную поддержку, которую она получает со стороны государства. Ниже приводится оригинальный текст сообщения агентства S&P на английском языке. S&P RATES KAZAKHSTAN'S KAZPOST L-T "BB+", OTLK STBL NEW YORK, June 29 - Standard & Poor's Ratings Services said today it assigned its "BB+" long-term foreign and local currency global issuer credit ratings to 100% state-owned postal company Kazpost (JSC). The outlook is stable. At the same time, Standard & Poor's assigned its "kzAA-" Kazakhstan national scale rating to the issuer. The ratings on Kazpost reflect its status as a 100% state-owned entity, and the strong support it receives from the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3). "This support comes in the form of guarantees and capital injections, in recognition of the important public service role that Kazpost provides in rural areas," said Standard & Poor's credit analyst Felix Ejgel. "These elements are mitigated by the company's weak financial profile due to the low profitability of core services, and strong competition faced by the company in Kazakh cities." Standard & Poor's follows the top-down approach for assessing Kazpost, which is therefore rated higher than its standalone credit quality would warrant. The absence of an explicit state guarantee of all the company's debts or a liquidity mechanism justifies the difference between the ratings on Kazpost and those on the Republic of Kazakhstan. JSC Kazpost is the national postal operator in Kazakhstan, which distributes letters, printed materials, express deliveries, and parcels. It also provides certain financial services, such as transferring salaries and pensions, collecting utility charges and tax payments, and maintaining deposits. In 2004, company's sales were about $50 million. The company's profitability is stable, but modest due to Kazpost's mandate to provide services throughout a vast, sparsely populated Republic, together with the need to increase personnel spending and to implement a strategic investment program. "We do not expect Kazpost's status to change in the foreseeable future, and the company should remain underpinned by a strong level of state support," said Mr. Ejgel. "The potential deregulation of postal services and reduction in direct subsidies after 2007 will be offset by the expected improvement of the company's market position thanks to its implementation of a massive strategic investment program." [2005-06-29]