Fitch присвоило рейтинг "BB-" казахской Казахойл

/Московское бюро REUTERS, 27.09.00/ - Международное рейтинговое агентство Fitch присвоило основной необеспеченный рейтинг "ВВ-" казахской нефтяной компании Казахойл, говорится в сообщении агентства. Данный рейтинг с одной стороны отражает производственные возможности Казахойл в области добычи нефти и возможность получения поддержки от правительства Казахстана в случае кризиса ликвидности, а с другой стороны - неблагоприятную экономическую конъюнктуру Казахстана и зависимость Казахойла от цен на сырую нефть, говорится в сообщении. Ниже приводится текст сообщения агентства на английском языке: "(Press release provided by Fitch) Fitch, the international rating agency, has assigned a senior unsecured rating of 'BB-' (BB minus) to NNK Kazakhoil. NNK Kazakhoil ("KzO") is a vertically integrated oil and gas producer based in Kazakhstan. The ratings reflect both the operational strength of KzO's upstream operations, and the undertaking of support from the Kazakh government in the event of a liquidity crisis, but also the weak economic climate in Kazakhstan and KzO's exposure to crude oil prices. The group's equity oil production (including associates) runs at c.160,000 bpd, gas production at c.1.3b cm p.a., with proven reserves of 267 million tonnes. The group's refinery, near Atyrau, operates at just under 40% utilisation, with throughput of c.40,000 bpd. KzO is 100% state-owned, and privatisation of KzO is not a near-term likelihood. In FY99, the company had core revenues (i.e. excluding subordinate associate production) of US$553m generating operating profits of US$108m, and core gross debt of US$47m. KzO is heavily geared towards the upstream (93% of FY99 revenues and materially all of that year's profits), and, within the upstream operations, heavily geared towards exports (50%-60% of revenues). Threats to the export route (which is currently heavily weighted to land- routes crossing Russian territory, with only limited sea exports and oil swap possibilities to the south) should be seen against a generally harmonious relationship with the Russian transit authorities in the past, notably recent material increases in Kazakh export quotas. KzO itself is typically best placed of all operators on Kazakh soil to gain access to government-issued export quotas. Although slightly more than a third (c.54,000 bpd) of KzO's upstream production is effectively subordinated income (with prior claims at project level for the large Tengiz field where KzO holds 20%), the group is currently investing heavily in both rehabilitating the giant Uzen field and in returning to exploration work, neglected during the harsh Kazakh economic climate of the 1990s. Investment is also being pursued to upgrade the Atyrau refinery to a lighter (more valuable) slate of products, likely to have a neutral effect on profits. Modest financial indebtedness (when subordinated project debt is excluded) is offset by a volatile earnings stream heavily linked to export prices. KzO has managed to reduce cash operating costs over the past three years, but the investment phase is likely to see unit costs rise initially. Some currency exposure exists, although the primary risk to KzO's earnings stream, in the absence of material cash generation from Atyrau, remains exposure to volatility in domestic and export crude prices".