STANDARD & POOR'S ПРИСВОИЛО ДОЛГОСРОЧНЫЙ РЕЙТИНГ "ВВ" КАЗАХСКОЙ КАЗТРАНСОЙЛ
/Московское бюро REUTERS, Лондон, 05.06.01/ - Международное
рейтинговое агентство Standard & Poor's присвоило долгосрочные
корпоративные кредитные рейтинги "ВВ" для заимствований в местной и
иностранной валюте казахской компании Казтрансойл. Прогноз рейтинга -
В сообщении агентства говорится, что рейтинг Казтрансойл, которая на 100
процентов принадлежит государству, отражает статус компании как
оператора большинства нефтепроводов Казахстана и ее роль в развитии
быстро растущей нефтяной отрасли страны.
Рейтинг также отражает устойчивое финансовое положение компании.
Ниже приводится полный текст сообщения агентства на английском языке:
(The following statement was released by the rating agency)
LONDON, June 5 - Standard & Poor's today assigned its double-'B' long-term
local and foreign currency corporate credit ratings to Kazakhstan-based oil
transportation company KazTransOil (KTO). The outlook is stable.
The ratings on KTO, a 100% state-owned entity, reflect its status as the
operator of the majority of Kazakhstan's oil pipeline infrastructure and its
important role in the development of the country's growing oil reserves. The
ratings are strengthened by the company's robust financial profile, reflecting
the supportive nature of the Government's regulatory environment toward KTO.
Despite such support, however, the ratings may vary independently from the
Sovereign ratings of the Republic of Kazakhstan (local currency: BB+/Stable/B;
foreign currency: BB/Stable/B).
The ratings are offset at this level by KTO's exposure to Kazakhstan's oil
production profile, the financial health of producers in Kazakhstan, and its
dependence on neighboring Russia for pipeline access to export markets.
International crude oil prices and Russia's political risks are, therefore, key
rating determinants, over which KTO has no control.
The rating also reflects KTO's diminishing role in the export of Kazakhstan's
crude oil production, following final launch of the Caspian Pipeline Consortium
(CPC) project later in the year. However, despite a forecast cut in tariffs
from September 2001, Standard & Poor's expects that the financial impact of the
increased export route competition on KTO will be limited, with strong domestic
transportation volume growth offsetting export volume reduction.
KTO's financial performance is inseparably linked with that of the Kazakhstan
economy, with strong revenues at the time of high crude prices and vice versa.
The profitability of the company is dependent on the ability of the regulated
tariff structure to pass through costs and to provide a return on operational
assets. The rating assumes that KTO will continue to maintain a strong balance
sheet over the next five years, with total debt to total capitalization not
rising above 20%. KTO's aging pipeline network, however, is in need of
refurbishment costing up to $300 million over the next five years, which KTO
intends to fund in part through a bond issue in the international capital
markets. Despite the associated increase in interest expense, Standard & Poor's
expects cash flow interest coverage to remain above a strong 7.5 times over the
KTO is expected to become one of five wholly-owned subsidiaries of a newly
created holding company- -the National Company of Transportation of Oil and
Gas--by mid-2001. The rating assumes that KTO's financial position will not be
weakened by the other subsidiaries in the consolidated group. OUTLOOK:
STABLE The outlook reflects Standard & Poor's expectations that KTO will offset
increasing competition from the Caspian Pipeline Company (CPC) project and
from lower tariffs through the transportation of larger volumes of oil. The
rating will come under pressure at this level if the company is unable to
maintain a strong financial profile, Standard & Poor's said.