Fitch подтвердило рейтинг Мангистауской области (Казахстан) "ВВ-"

/REUTERS, 10.03.06/ - Международное рейтинговое агентство Fitch Ratings подтвердило рейтинг Мангистауской области (Казахстан) на уровне "ВВ-", прогноз стабильный, говорится в сообщении. Рейтинг отражает хорошую экономическую базу региона, отсутствие долгов и высокую инвестиционную активность. В то же время рейтинг принимает во внимание сильную зависимость властей региона от правительства страны, а также некоторое ухудшение показателей развития экономики региона в связи с перераспределением источников доходов бюджета, ограниченными возможностями привлекать финансирование и недостаточной прозрачностью. Ниже приводится оригинальный текст сообщения Fitch. FITCH AFFIRMS REGION OF MANGISTAU AT 'BB-'; OUTLOOK STABLE Fitch Ratings-London/Moscow-09 March 2006: Fitch Ratings has today affirmed the Kazakhstan Region of Mangistau's ratings at Long-term foreign and local currency 'BB-' (BB minus) and Short-term 'B'. The Long-term Outlook is Stable. The ratings reflect the region's robust economic base, strong focus on capital expenditure and current debt-free status. At the same time, the ratings take into account the high degree of dependency on the central government for financing and regulatory decisions. They also consider the region's worsening operating performance due to income sources redistribution, limited financing options available to the regional government, and a lack of transparency. The Stable Outlook balances these weaknesses against an environment of improving sovereign fiscal indicators and regional tax growth potential. Nevertheless, any further detrimental changes in the institutional framework that continues to negatively affect the region's finances and performance could place the ratings under pressure. Mangistau has recorded on average 20% operating revenue growth since 2002, owing to a strong industrial base and a growing economy, which is based on a rich and diverse natural resource base. The region has increased capital spending over the last five years, rising to 11.8% of the total expenditure in 2005 from 5.9% in 2001. On the other hand, the regional government has been able to maintain a tight control on staff expenditure. Mangistau has been debt free for the past five years, while public companies' financial obligations are negligible. However, the region is highly dependent on the central government on financing and regulatory decisions. The region's budgetary performance is characterised by low current and operating margins, which have fallen sharply to 0.8% in 2002 from 10.9% in 2001, due to adverse affects of revenue redistribution. Since 2002, the operating margins have remained extremely low or even negative. The regional budget is highly rigid, as the transfers to lower tiers of government, primarily the municipalities, reached 66.5% of total spending in 2005. The region has had limited financing possibilities since 2005, following new legislation prohibiting subnationals from issuing bonds or borrowing from banks. The only financing option is loans from the central government. The Region of Mangistau is located in the south-west of Kazakhstan. It covers 6.1% of the country's total area and makes up around 2.5% of the total population. The region has one of the largest Caspian sea ports of the country - Aktau. The regional economy is dominated by the oil industry, which contributes 90% of total industrial production and 67% of the region's gross regional product. Contact: Andrei Piskunov, Moscow, Tel: +7 095 9569901. Media Relations: Jon Laycock, London, Tel: +44 20 7417 4327. [2006-03-10]