Moody's Investors Service присвоило АО "Продовольственная контрактная корпорация" (Казахстан) рейтинги "Ваа2" и "Ваа3"

/ИРБИС, Ранида Габдеева, 22.12.05/ - Международное рейтинговое агентство Moody's Investors Service 21 декабря 2005 года присвоило АО "Продовольственная контрактная корпорация" (Астана) рейтинг по обязательствам в национальной валюте "Ваа2" со стабильным прогнозом, а также рейтинг по обязательствам в иностранной валюте "Baa3" с позитивным прогнозом. Об этом сообщается на официальном сайте агентства Moody's Investors Service. Ниже приводится полный текст сообщения агентства Moody's Investors Service на английском языке. MOODY'S ASSIGNS Baa2 LOCAL CURRENCY ISSUER RATING TO FOOD CONTRACT CORPORATION; OUTLOOK STABLE London, 21 December 2005 - Moody's Investors Service has today assigned a Baa2 local currency issuer rating to Food Contract Corporation (''FCC'', or the company''). The outlook for the rating is stable. At the same time Moody's has assigned a Baa3 foreign currency issuer rating to FCC. The outlook for this rating is positive, reflecting the outlook for the Republic of Kazakhstan. As a fully state-owned entity, FCC qualifies as a Government-Related Issuer (GRI) under Moody's methodology. This new methodology formally disaggregates the ratings of GRIs into four components: (i) the GRI's baseline credit risk, (ii) the credit risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the likelihood of government support for the GRI. In accordance with Moody's GRI rating methodology, the ratings of FCC reflect the combination of the following inputs: - Baseline credit assessment of 6 (on a scale of 1 to 6, where 1 represents the lowest credit risk); - Baa1/Baa3 (positive) local/foreign currency ratings of Republic of Kazakhstan; - High dependence on the Government; - High support of the Government, both directly and indirectly. The application of this methodology to FCC has resulted in a one-notch differential between its domestic currency rating of Baa2 (stable) and the Baa1 rating of the Kazakh Republic (positive outlook), with the narrow differential primarily due to the high level of both government dependence and support assumed by Moody's. The baseline credit assessment of 6 for FCC reflects its weak stand-alone credit profile, and takes into consideration the fact that the Republic of Kazakhstan does not explicitly guarantee FCC's financial liabilities. It further notes the high volatility in operating profits and cash flows of the company, and the preponderance of short-term debt, which enhances refinancing risk. Operationally, FCC faces volatility in demand and prices for grain, which can have a notable impact on revenues and profits; a high reliance on foreign countries to transport its grain to the ultimate destination; and an expected increase in non bank-guaranteed lending. The assessment also takes into consideration the importance of agriculture in the Kazakh economy, and the public sector role that FCC plays within that sector. The high dependence and support assumed in assigning FCC's credit ratings reflect a variety of state support mechanisms, both direct and indirect, including: i) the company's full state ownership, and the implicit support that this implies; ii) the reputational risk that the State would suffer in not enabling a fully-owned state agency to service its financial debts in a timely manner; iii) the strength of the Kazakh economy and its own improving credit profile; and iv) the actual state support that FCC has received to date, in the form of capital injections, subsidies and interest-free loans. The outlook for the Baa2 local currency rating is stable, reflecting Moody's expectation that there will be no significant change in FCC's financial profile and ownership structure. The positive outlook for the Baa3 foreign currency rating reflects that of the Republic of Kazakhstan, which acts as a ceiling for FCC's foreign currency rating at this time. The Republic is posting solid budget surpluses (prior to funds diverted to reserves for future budgetary expenditures) and a declining public debt burden relative to GDP. As a company clearly reliant on state support for funding, an upgrade of FCC's ratings would likely depend on a sovereign upgrade. The ratings could be negatively impacted by a change in ownership which could be interpreted as lessening the degree of state support, or a significant increase in indebtedness beyond current levels which would weaken the credit profile of FCC on a stand-alone basis. Founded with state capital in 1997, FCC is headquartered in Astana, Kazakhstan, with nine regional branches and foreign offices in Moscow, London, Peking, Tehran and Tashkent. The entity is responsible for the purchase, storage and sale of state grain reserves, and is fully state-owned. Including Group subsidiaries, the company had 1,012 employees at year-end 2004, and revenues in that year of 30.2 billion (USD 226 million). [2005-12-22]