Moody's присвоило Казатомпрому рейтинг "Ваа3"

/REUTERS, Владимир Кузнецов, 03.03.06/ - Международное рейтинговое агентство Moody's Investors Service присвоило в пятницу казахстанской компании Казатомпром рейтинг эмитента в иностранной валюте на уровне "Ваа3", говорится в сообщении агентства. Прогноз изменения рейтинга - стабильный. Ниже приводится оригинальный текст сообщения агентства Moody's Investors Service. MOODY'S ASSIGNS Baa3 FOREIGN CURRENCY ISSUER RATING TO JSC KAZATOMPROM; STABLE OUTLOOK First-time rating Milan, March 03, 2006 - Moody's Investors Service has today assigned a Baa3 foreign currency issuer rating to JSC National Atomic Company Kazatomprom ("Kazatomprom"). The rating outlook is stable. This is the first time Moody's has assigned a rating to Kazatomprom. By virtue of its current ownership structure (100% owned by the Government of Kazakhstan), Kazatomprom is considered a government-related issuer ("GRI"). As such, Kazatomprom's Baa3 foreign currency issuer rating reflects the application of Moody's rating methodology for GRIs. Please refer to Moody's Special Comment ("The Application of Joint Default Analysis to Government-Related Issuers") published in April 2005, and its accompanying press release. In accordance with Moody's GRI methodology the Baa3 rating of Kazatomprom reflects the combination of the following inputs: - Baseline credit assessment ("BCA") of 5 (on a scale of 1 to 6, where 1 represents lowest credit risk) - The local currency debt rating of the Government of Kazakhstan of Baa1 with positive outlook - Dependence: Low - Support: High Kazatomprom's BCA reflects (i) Kazatomprom's long term licences to exploiting the existing deposits in conjunction with estimated reserves life at around 49 years based on future production levels, (ii) the long term nature of contracts with customers that provide a good visibility on future revenues levels, (iii) the strategic role of the company as the operator of Kazakh nuclear resources, (iv) the benign market environment with sustained demand levels and the prospect for limited supply, at least until 2008, and (v) relatively good operating margins although recently sustained by high uranium prices in the market. The rating, however, also reflects (i) the relatively small size of the company and the modest business diversification, (ii) the execution risk associated with the investment programme, (iii) the negative free cash flow expected to result from the investment programme and the expected increase in leverage, (iv) the high exposure to environmental and contamination risks which to date have not been quantified by provisions; the adoption of IFRS from 2006 will require Kazatomprom to establish an appropriate level of reserves; any future cash cost for remedial action will likely be determined in consultation with the Kazakh government, (v) the fact that Uranium prices, currently at a peak, are forecasted to decrease over the medium term, though moderately and (vi) a degree of refinancing risk due to approximately USD 80 million maturing in 2006, although Moody's understand the company is seeking new financing alternatives. Kazatomprom's Baa3 issuer rating also takes into consideration Moody's opinion of high support provided by the Government of Kazakhstan due to the strategic and reputational importance of the company for the Government, together with the current 100% ownership that is not expected to change in the near future, and the strong link between the Government and the company. The low dependence is a result of the fact that most of Kazatomprom revenues are generated outside of the country. Going forward Kazatomprom's liquidity profile will need to be strengthened given the current high reliance on a variety of secured credit lines with maturity ranging from 2006 and 2015, including approximately USD 80 million which is scheduled to mature in the second half of 2006. Given the company's investment plan, there is also need for additional funding, which in Moody's opinion is likely to be debt financed. Moreover, Moody's notes that the company's exposure to environmental risks could crystallise with a need for additional cash to meet remedial costs. This risk is however partially mitigated by the expected support from the government. The stable rating outlook reflects Moody's view that under the current regulatory regime, the Company is likely to make good progress towards the completion of the investment programme and that market dynamics will remain favourable. The outlook also assumes that the current ownership of Kazatomprom will remain unchanged and that the company will address in due course existing short term debt maturities. The rating or the outlook could improve if Moody's changed its opinion of the support provided by the Government of Kazakhstan, but also if Kazatomprom's BCA improves through a combination of predictable revenue generation and strengthened operating margins together with successful execution of its investment programme by efficiently developing its existing deposits in order to reduce expected negative free cash flow. The ratings or the outlook could be revised downwards in the event of a negative change in the rating of the Government of Kazakhstan or a fall in the level of support inputted in the current rating. In addition the rating could come under pressure in the case of deterioration in the financial or business risk profile of the company, for example, due to delay in the investment programme or a substantial cash outflow relating to environmental clean-up. BUSINESS DESCRIPTION The Joint-Stock National Atomic Company Kazatomprom was established in accordance with the Decree of the President of the Republic of Kazakhstan dated July 1997. 100% owned by the Government, the company is responsible for the development of Kazakh nuclear resources. The main activities of the company are the mining of natural uranium, the production of uranium, beryllium, tantalum, niobium and hydrofluoric acid and the generation of electricity, heat power and water. Revenues at FYE December 2004 stood at approximately USD 277.1 million. Milan Paolo Leschiutta Analyst Corporate Finance Group Moody's Investors Service Frankfurt Michael West Managing Director Corporate Finance Group Moody's Deutschland GmbH [2006-03-03]