АГЕНТСТВО FITCH ПРИСВОИЛО АЛМА-АТЕ ДОЛГОСРОЧНЫЙ РЕЙТИНГ "В+", ПРОГНОЗ РЕЙТИНГА - СТАБИЛЬНЫЙ

/Алматинское бюро REUTERS, Лондон, 21.05.01/ - Рейтинговое агентство Fitch присвоило Алма-Ате долгосрочные рейтинги в иностранной и местной валютах "В+", прогноз рейтингов - стабильный, говорится в сообщении агентства. Уровень рейтингов отражает сильную налоговую базу и важное политико- экономическое значение города для страны. В то же время уровень рейтинга учитывает рост долгового бремени Алма- Аты, неравномерное расписание долговых выплат, высокую потребность в инфраструктурных инвестициях и необходимость улучшения бюджетной политики с учетом существующей системы межбюджетных отношений. Ниже следует оригинал сообщения Fitch на английском языке: (The following statement was released by the rating agency) LONDON, May 21 - Fitch, the international rating agency, has today assigned Long-term foreign currency and local currency ratings of 'B+' to the City of Almaty, located in the Republic of Kazakhstan. The Outlook for the ratings is Stable. The ratings reflect the City's strong tax base and importance to the national economy and politics. However, they also take into account Almaty's increasing debt burden, uneven debt amortisation schedule, high demand for investment in the infrastructure and budget rigidity caused by existing system of inter-budgetary relations. The performance of the local economy determines Almaty's well being as its budget revenue is by and large derived from taxes. Following a sharp fall after the break-up of the Soviet Union, the local economy has grown steadily in recent years due to its advanced and diversified economic fabric, which makes the City's tax base less volatile compared to the country as a whole. This steady growth has mitigated the negative effects of the move of the capital city to Astana. To continue to attract businesses, the City needs to upgrade its ageing infrastructure - a challenging task given that it is no longer a priority investment target of the Republic. A rapidly increasing debt burden made up of only currency obligations exposes Almaty to currency risk, mitigated though by a free-floating local currency regime. An uneven debt amortisation schedule, with peaks in 2002 and 2003, on the back of decreasing operating balance, and a ban on short-term borrowing from commercial banks, may lead to possible problems with timely debt repayment. The City can either rely on its cash residuals or apply to the Ministry of Finance for budget loans. Moreover, Almaty's exposure to debt transfers from central government or from non-consolidated entities, leads to uncertainty as to its ability to control the level of indebtedness. Almaty has no flexibility with regard to tax rates but, in theory, has the potential to broaden its tax base. Expenditure is rather rigid due to so-called "withdrawals" or payments to the Republic's budget, senior in priority to all other expenses including debt service. In 2000, together with personnel expenses, withdrawals made up almost 66% of Almaty's current expenditure. Evolving revenue-sharing arrangements between the centre and the subnationals make future revenue flows uncertain. Almaty is the ex-capital of Kazakhstan and its financial, commercial and cultural centre. In 1999, the City accounted for approximately 6% of the national population and for 17.7% of its gross domestic product.